Millicom ‘not in M&A’ mode in Latin America

Millicom, based in Luxembourg and a major participant in the telecoms industry in Central America and Spanish-speaking South America, is not looking to make any new acquisitions in the region in the near future, preferring to focus on organic growth.

“We are not in M&A mode. We’re in an operating moment,” CEO Mauricio Ramos mentioned to investors in an earnings call, noting, however, that small scale deals might be needed to retain the firm’s share of the market.

Millicom purchased the remaining 45 percent share in its Tigo Guatemala JV from Miffin Associates for US$2.2 billion in November, in what was likely the largest regional telecom M&A deal of 2021.

Millicom recently completed its exit from Africa, selling its Tanzania assets to focus on Latin America, where it operates in nine countries.

Ramos was referring to a potential Millicom interest in Jamaica-based Digicel’s assets in Panama. However, “our focus in Panama is largely organic. We don’t want to get distracted” by acquisitions, the CEO said.