01:09 PM EDT, 08/01/2024 (MT Newswires) -- Liberty Latin America ( LILA ) and Millicom International Cellular ( TIGO ) agreed to combine operations in Costa Rica, the companies said Thursday.

In the all-stock accord, Liberty Latin America ( LILA ) and its minority partner in Costa Rica will have 86% of the joint operation with the rest owned by Millicom.

As of Dec. 31, 2023, the combined operations had an adjusted operating income before depreciation and amortization of $255 million with 440,000 broadband subscribers and net debt of $533 million, the companies said.

The deal is expected to close in H2 2025.

Liberty Latin America ( LILA ) shares fell 1.3% in recent trading Thursday, and Millicom declined 1.4%.

Price: 10.34, Change: -0.14, Percent Change: -1.34