Millicom said on 27 January that it had been awarded 100% of the shares in UNE EPM Telecomunicaciones still held by Empresas Públicas de Medellín, paying about COP 2.1trn, or roughly US$571m, in a public auction.
Why Millicom International Cellular S.A. is buying UNE EPM Telecomunicaciones S.A. (Tigo Colombia)
Millicom said consolidating ownership of UNE, which operates as Tigo Colombia, would let it further streamline its Colombian operations and accelerate its strategic integration plans there.
Deal terms and financing
Millicom bid COP 418,741 per share. EPM, the utility owned by the city of Medellín, ran the sale as a public auction under Law 226, the Colombian statute governing disposals of state holdings. After the purchase Millicom owns nearly all of UNE.
Regulatory approvals and timing
The transaction closed on 29 January 2026, two days after the award, Millicom said in its fourth-quarter results and its 2025 annual report. Because Millicom already controlled UNE, the purchase was accounted for as an equity transaction.
Market context
The buyout is a step towards combining Tigo with Movistar Colombia. Millicom completed the purchase of Telefónica's 67.5% stake in Coltel for about US$214m on 6 February 2026. Colombia's competition authority, the SIC, approved the integration with conditions, including lower access fees for smaller rivals such as WOM, according to El Espectador.
