Millicom (Tigo) completes acquisition of Telefónica in Uruguay, strengthening its regional footprint in South America

Luxembourg, October 7, 2025 – Millicom International Cellular S.A. ( TIGO ) (“Millicom”) today announced that, following final approval from the Government of Uruguay, it has completed the acquisition of 100% of Telefónica Móviles del Uruguay S.A. (Movistar) for an enterprise value of USD 440 million. With this milestone transaction, Millicom officially enters the Uruguayan market, further consolidating its presence in South America and reinforcing its position as a leading regional telecommunications provider.

“This acquisition marks a decisive step in our growth strategy,” said Marcelo Benitez, CEO of Millicom. “We are thrilled to establish a presence in Uruguay – a country known for its stability and clear vision for digital transformation. We see tremendous value in the country’s talent, and our commitment is to invest in infrastructure, foster innovation, and create new opportunities that drive long-term digital growth.”

The transaction is expected to generate synergies across networks, operations, and commercial services, while also diversifying Millicom’s sources of value creation in a market with solid macroeconomic fundamentals and investment-grade credit ratings. Integration is projected to deliver positive contributions to free cash flow for shareholders beginning in 2026.

By adding Uruguay to its footprint, Millicom complements its coverage across South America, further consolidating its platform as one of the region’s principal telecom operators. The move also strengthens Millicom’s mission to accelerate digital inclusion and contribute to sustainable development across Latin America.

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About Millicom

Millicom is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, highspeed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. ( TIGO ) is headquartered in Luxembourg with principal executive offices in Doral, Florida.

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Source: Millicom International Cellular S.A. ( TIGO )