Milbank Advised Millicom On Proposed Acquisition Of 67.5% Stake In Coltel From Telefónica

Milbank advised Millicom on proposed acquisition of 67.5% stake in Coltel from Telefónica

Milbank LLP advised Millicom in connection with its definitive agreement with Telefónica to acquire a 67.5% controlling equity stake in Colombian telecom service provider Coltel from Telefónica for a purchase price of $400 million, subject to certain adjustments (which, as of September 30, 2024, would result in a revised price of $362 million).

The closing of the transaction is subject to the satisfaction of certain closing conditions, including regulatory approvals. In addition, Millicom has agreed to offer to purchase the remaining 32.5% of Coltel, currently owned by La Nación – Ministerio de Hacienda y Crédito Público of the Republic of Colombia and certain other investors.

The Milbank team was led by Corporate/M&A Partners Francisco Nuñez and Scott Golenbock, with support from Special Counsel John Garces, Associates Steve Ahn and Sarah Griffin, and International Attorney Luis Felipe Garcia Rubio. On the tax side, the team included Partner Max Goodman and Associate Michael Rivkin.

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