Colombia clears Millicom and UNE telecommunications merger

The Superintendencia Financiera de Colombia has approved the merger between UNE and Millicom subsidiary Tigo. This decision marked the final regulatory clearance required by Colombian authorities before the companies can close the transaction and begin gradually integrating their fixed and mobile communications operations.

This final clearance followed prior approvals granted by the Superintendencia de Industria y Comercio in April and the Autoridad Nacional de Televisión in June. The companies stated in a press release that the merger responds to a global industry trend of integrating information and communications technology services to match evolving consumer habits.

Under the ownership structure, EPM will hold 50 percent plus one share in the merged company. Juan Esteban Calle, General Manager of EPM, noted that EPM and Millicom have been partners since 2006 in Colombia Móvil-TIGO. Deepening their eight-year relationship strengthens competitiveness in Colombia's ICT sector while securing EPM's position in the market.

Millicom will hold the remaining shares and take charge of the merged entity's administrative, financial, and operational management. Hans-Holger Albrecht, President and CEO of Millicom, stated that the company is pleased to have secured all necessary regulatory authorizations and excited to continue advancing alongside EPM.