Liberty Latin America, Millicom combine in Costa Rica

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Liberty Latin America and Millicom International Cellular 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 per cent interest and Millicom 14 per cent in the joint operations, with the final ownership percentage confirmed at closing.

As of December 31st 2023, the combined operations had Adjusted OIBDA of approximately $255 million (€235,8m), over 440,000 broadband subscribers, and net debt of $533 million.

The parties’ said the transaction “reinforces [their] commitment to Costa Rica by creating the opportunity for a scaled platform and accelerated investments in fiber network expansion. In a market that is undergoing rapid technological advancements with the deployment of fibre networks by multiple operators, this combination would increase fibre competition and promote high-quality, good value services and access to the digital economy for all Costa Ricans”.

Balan Nair, President and CEO of Liberty Latin America, commented: “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, provide enhanced customer experiences, drive innovation, and offer growth opportunities for our people. With this transaction, Liberty Costa Rica will continue to be a leading connectivity operator in the market.”

Mauricio Ramos, Chair, Millicom, added “Our combined operations would significantly benefit the telecommunications sector by enhancing fibre network investment to help accelerate Costa Rica’s technological evolution in a highly competitive market. 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, ensuring that long-term market conditions remain competitive while maintaining high-quality and valuable services for our customers in Costa Rica.”

The transaction is subject to customary closing conditions, including regulatory authorisations, and is expected to be completed during the second half of 2025.

Liberty Latin America was advised by JP Morgan, while Millicom was advised by Aldo J Polak and FTI Consulting.

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Liberty Latin America, Millicom combine in Costa Rica

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