The Costa Rican Telecommunications Superintendence (Sutel), responsible for regulating the telecommunications market in Costa Rica, approved the merger request presented by Millicom Cable Costa Rica S.A. and Telefonica de Costa Rica S.A. in an official statement.
The operation was approved by Sutel because, according to the regulator, ‘there is no evidence of potential anti-competitive effects derived from the acquisition of 100% of Telefonica Costa Rica capital stock by Millicom Spain’, as detailed on Sutel’s RCS-221-2019 resolution.
The Costa Rican regulator approved the economic merger and notified Millicom and Telefonica, who, according to Sutel, they ‘must begin the concession agreements transferring shares process for radio frequencies to the Costa Rican Science, Technology and Telecommunications Ministry (MiCiTT)’.
On January 24th, Telefonica reported it had came to terms with América Móvil for the sale of Telefónica Guatemala and El Salvador. On February 20th, the company informed an agreement with Millicom for the sale of Telefónica Costa Rica, Panama and Nicaragua. Finally, before the announcement of its headquarters sale in Panama, the company announced on the sale of Telefónica Nicaragua to Millicom on May 16th.