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Liberty Latin America bids to buy Millicom

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Liberty Latin America bids to buy Millicom

Liberty Latin America Ltd. has submitted a "preliminary, highly conditional, nonbinding proposal" to acquire Luxembourg-based mobile operator Millicom International Cellular SA, the companies confirmed Jan. 14.

A deal would allow the merged entity to compete with telecom giants operating in Latin America, including América Móvil SAB de CV, AT&T Inc. and Spain-based Telefónica SA, Reuters reported. Mobile and cable provider Liberty Latin America said there is no assurance that the offer will result in a deal.

Millicom provides services under the Tigo brand in nine Latin American countries, among other markets, according to the report. Meanwhile, Liberty Latin America, which completed its split-off from former parent Liberty Global PLC in January 2018, operates in more than 20 countries across Latin America and the Caribbean.