· Millicom and EPM have completed the full documentation of the merger
agreement for the combination of their Colombian telecommunications and media
· The transaction will now be reviewed by the Colombian authorities. Provided
this process concludes positively, we expect the transaction to complete by the
end of H1 2014
Stockholm, October 1, 2013. Millicom, the international telecommunications and
media company (Stockholmsbörsen: MIC) and Empresas Públicas de Medellín E.S.P.
(‘EPM’), the largest public service company in Colombia, signed today a final
agreement to combine their respective businesses in Colombia. This follows the
announcement of an agreement in principle in July 2013.
The regulatory process will now commence and comprise reviews undertaken by the
Superintendencia de Sociedades (corporations authority), Superintendencia de
Industria y Comercio (consumer protection and competition authority),
Superintendencia Financiera (financial authority) and the Autoridad Nacional de
Televisión (television industry regulator).
Provided the regulatory review concludes positively the newly-merged integrated
company is expected to:
· Create a business offering a comprehensive range of bundled digital services
to millions of households including mobile and fixed telephony, mobile and fixed
broadband and payTV
· Exploit the complementary geographic coverage and commercial offerings of
UNE, EDATEL, ETP and Tigo
· Implement a key component of Millicom’s strategy to double revenue by 2017
and increase profits.
Millicom reiterates that following the proposed combination, the group net debt
will increase by a total consideration of around $1.1billion as the new combined
company will be fully consolidated upon closing of the transaction. All mid-term
outlooks communicated by Millicom at its Capital Markets Day remain unchanged.
Commenting on the signature today, Millicom President & CEO, Hans-Holger
“I am delighted that we have been able to conclude such an agreement with our
colleagues at EPM. It brings even closer the prospect of creating an exciting
new business to provide a complete range of digital services to the people of
Colombia. Meanwhile, we will work hard with the Colombian authorities to provide
all the information they need to assess the proposed merger.”
For further information, please visit www.millicom.com or contact:
Julian Eccles, VP, Corporate Communications
+44 7720 409374
Justine Dimovic, Director, Head of Investor Relations
+352 27 759479
Millicom is a leading international telecommunications and media company
dedicated to emerging markets in Latin America and Africa. Millicom sets the
pace when it comes to providing digital lifestyle services to the world’s
emerging markets, giving access to the world, primarily through mobile devices.
Operating in 15 countries, Millicom offers innovative and customer-centric
products. The Millicom Group employs more than 10,000 people and provides mobile
services, access to the internet, content and financial services to over 47
million customers. Founded in 1990, Millicom International Cellular SA is
headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol
MIC. In 2012, Millicom generated revenue of USD 4.81 billion and EBITDA of USD
This press release contains “forward-looking statements”, which are statements
that are not historical facts, including statements concerning the parties'
ability to complete the proposed transaction; the anticipated timing of the
proposed transaction; the expected benefits and costs of the proposed
transaction; management plans relating to the proposed transaction; any
statements of operations, including the execution of integration plans; any
statements of expectation or belief; and any statements of assumptions
underlying any of the foregoing. Any statement in this announcement that
expresses or implies any party's intentions, beliefs, expectations or
predictions (and the assumptions underlying them) is a forward-looking
statement. Forward-looking statements involve inherent risks, uncertainties and
assumptions which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements and assumptions. The
forward-looking statements contained in this announcement are made as of the
date hereof, and each party expressly disclaims any obligation to update or
correct any forward-looking statements made herein due to the occurrence of
events after the issuance of this announcement. This announcement is for
informational purposes only and is not an offer to sell or the solicitation of
an offer to buy any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
other press releases byMillicom International Cellular S.A.
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