On the Record · Millicom International Cellular

Millicom International Cellular acquisitions, on the record

The businesses Millicom International Cellular bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
remaining 45% equity interest in Comcel and the other entities that operate our Guatemala business Word for word“On November 12, 2021, we signed and closed an agreement to acquire the remaining 45% equity interest in Comcel and the other entities that operate our Guatemala business from our local partner.” 20-F for 2023	agreed acquisition	November 12, 2021	—
remaining 45% equity interest in our joint venture business in Guatemala (Tigo Guatemala) Word for word“On November 12, 2021, Millicom signed and closed an agreement to acquire the remaining 45% equity interest in its joint venture business in Guatemala (“Tigo Guatemala”) from our local partner for $2.2 billion in cash.” 20-F for 2023	acquisition	November 12, 2021	$2.2 billion in cash
remaining 20% stake in Tigo Panama Word for word“In June 2022, we acquired the remaining 20% stake and now own 100% of Tigo Panama.” 20-F for 2023	acquisition	June 2022	—
80% stake in Tigo Panama Word for word“We have operated in Panama since our acquisition of an 80% stake in Tigo Panama in December 2018.” 20-F for 2023	acquisition	December 2018	—
Grupo de Comunicaciones Digitales S.A. (formerly Telefónica Móviles Panamá, S.A.) Word for word“In 2019, Tigo Panama acquired Grupo de Comunicaciones Digitales S.A. (formerly Telefónica Móviles Panamá, S.A.) and started to provide Mobile services.” 20-F for 2023	acquisition	2019	—
Amnet Word for word“We have operated in Costa Rica since our acquisition of Amnet in 2008.” 20-F for 2023	acquisition	2008	—
UNE Word for word“We have operated in Colombia through Colombia Móvil S.A. since 2006 and acquired our interest in UNE, with which we had previously co-owned Colombia Móvil S.A., via a merger in 2014.” 20-F for 2023	merger	2014	—
Tanzania business sold to a consortium led by Axian Word for word“The transaction was completed on April 5, 2022 for initial cash consideration of approximately $101 million (subject to final price adjustments).” 20-F for 2023	agreed divestiture	April 5, 2022	approximately $101 million (subject to final price adjustments)
Ghana joint venture with Bharti Airtel Word for word“In 2021, we also completed the disposal of our Ghana joint venture with Bharti Airtel.” 20-F for 2023	divestiture	2021	—
Telefónica Colombia (Coltel) 67.5% equity interest Word for word“Millicom signed a definitive agreement to acquire Telefónica's controlling 67.5% equity interest in Telefónica Colombia, or Telecomunicaciones S.A. ESP BIC ("Coltel").” 20-F for 2024	agreed acquisition	—	—
Colombian tower assets sold to KKR Word for word“We completed the sale of our Colombian tower assets to KKR and entered into a joint operation with Telefónica to establish a unified mobile access network.” 20-F for 2024	divestiture	—	—
Costa Rica operations combined with Liberty Latin America (cashless merger, Millicom retains approximately 14%) Word for word“Pursuant to the agreement, we expect to combine our operations in Costa Rica in a cashless merger in which we will retain a minority interest of approximately 14%.” 20-F for 2024	agreed divestiture	—	—
Remaining 45% equity interest in Guatemala business Word for word“On November 12, 2021, we signed and closed an agreement to acquire the remaining 45% equity interest in our Guatemala joint venture business from our local partner for $2.2 billion in cash.” 20-F for 2024	agreed acquisition	On November 12, 2021	$2.2 billion in cash
Tanzania operations sold to a consortium led by Axian Word for word“The transaction was completed on April 5, 2022 for initial cash consideration of approximately $101 million (subject to final price adjustments).” 20-F for 2024	divestiture	completed on April 5, 2022	initial cash consideration of approximately $101 million (subject to final price adjustments)
Colombia Telecomunicaciones S.A. E.S.P. ("Coltel") Word for word“On February 6, 2026, we also completed the acquisition of Telefónica’s controlling 67.5% stake in Colombia Telecomunicaciones S.A. E.S.P. (“Coltel”) for approximately $214 million, further strengthening our position in Colombia.” 20-F for 2025	acquisition	On February 6, 2026	approximately $214 million
Telefónica Móviles Chile S.A. Word for word“Finally, on February 10, 2026, Millicom, through a joint venture with NJJ, completed the acquisition of Telefónica Móviles Chile S.A., with a closing consideration of $50 million in cash and potential contingent earn-outs of up to $150 million.” 20-F for 2025	acquisition	on February 10, 2026	$50 million in cash and potential contingent earn-outs of up to $150 million
operations in Ecuador and Uruguay Word for word“During the year, we completed the acquisitions of operations in Ecuador and Uruguay, further strengthening our regional footprint and enhancing the diversification of our earnings profile.” 20-F for 2025	acquisition	During the year	—
remaining 45% equity interest in Guatemala joint venture business Word for word“On November 12, 2021, we signed and closed an agreement to acquire the remaining 45% equity interest in our Guatemala joint venture business from our local partner for $2.2 billion in cash.” 20-F for 2025	acquisition	On November 12, 2021	$2.2 billion in cash
Lati Paraguay Word for word“In addition to the transactions with SBA, Millicom sold Lati Paraguay to Atis Group on June 3, 2025.” 20-F for 2025	divestiture	June 3, 2025	—

Read from Millicom International Cellular’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-03-24. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.