Liberty Latin America and Millicom have entered into an agreement to combine the companies’ respective operations in Costa Rica.
Under the terms of the all-stock agreement, Liberty Latin America and its minority partner in Costa Rica will hold an approximate 86% interest and Millicom 14% in the joint operations – with the final ownership percentage confirmed at closing.
As of December 31, 2023, the combined operations had Adjusted OIBDA of approximately $255 million, more than 440,000 broadband subscribers and net debt of $533 million.
The transaction reinforces the parties’ commitment to Costa Rica by creating the opportunity for a scaled platform and accelerated investments in fiber network expansion.
Balan Nair, President and CEO, Liberty Latin America, said: “Costa Rica is a great country to operate in and Liberty Costa Rica is a strong business for us. By combining Liberty and Tigo, the fixed operations will accelerate the transition to FTTH and will enable us to deliver exceptional high-speed services for consumers.”
Mauricio Ramos, Chair, Millicom, said: “This merger is expected to generate new efficiencies and improve commercial offerings, providing customers with access to mobile services and premium content. It creates a stronger, more competitive entity with high investment capacity to meet the accelerated technological changes, network expansion and service improvements.”
The transaction is subject to customary closing conditions, including regulatory authorizations, and is expected to be completed during the second half of 2025.
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