05:20 PM EDT, 05/21/2025 (MT Newswires) -- Millicom International Cellular ( TIGO ) said late Wednesday it will acquire Telefonica Moviles del Uruguay for $440 million to expand its presence in South America.

Millicom expects the acquisition to diversify cash flow sources, lower exposure to macroeconomic risks, and drive long-term value creation on its Latin American platform, the company said.

The transaction will also enable Millicom to advance its digital inclusion and service innovation goals, according to a statement.