Telefonica sells its subsidiaries in Costa Rica, Nicaragua and Panama to Millicom

Telefónica agreed with Millicom to sell its subsidiaries in Costa Rica, Nicaragua and Panama. As reported by the National Securities Market Commission (CNMV), the operations amount is USD 1,650 million, of which USD 570,9 million correspond to Telefónica Costa Rica, USD 650,4 million to Telefónica Panamá, and USD 430 , 2 million to Telefónica Nicaragua.

The three company’s sale closing is subject to applicable regulatory conditions and will be carried out for each transaction as those conditions are met. With this transaction, together with the sales of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador, announced on January 24th, 2019, Telefónica completes the sale of all its operations in Central America for a business value of USD 2,298 million.

Tigo’s (Millicom) offer will include mobile and fixed telephony, broadband and pay TV in Guatemala, El Salvador, Costa Rica, Nicaragua and Panama. With the new acquisitions, In Panama, Tigo is the main provider of pay TV in the market, where Movistar recorded 5000 pay TV subscribers in June 2018. In Costa Rica Tigo also leads pay TV market, where the number of customers of Movistar reaches  20 thousand. And, in Nicaragua, Tigo is the second largest leader in the market, where Movistar has 43 thousand paid TV subscribers. Among the three countries, in June 2018 there were 68,000 pay TV subscribers.