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Millicom International Cellular SA is a Luxembourgish fixed line and mobile telecommunications services provider operating in Latin America operating under the Tigo brand.[3] Its main shareholder is Xavier Niel, a French billionaire who owns 40% of the company.[4]

Key Information

As of March 31, 2025, Millicom operating subsidiaries and joint ventures employed more than 14,000 people and provided mobile services to approximately 46 million customers, with a cable footprint of more than 14 million homes passed.[5]

History

[edit]
Tigo logo used since 2004

Millicom International Cellular SA was established on 14 December 1990, by Shelby Bryan, Jan Stenbeck, Telma Sosa, and Olvin Galdamez, combining the cellular telephone properties owned by Industriförvaltnings AB Kinnevik and Millicom Incorporated. Millicom is headquartered in Luxembourg with a United States corporate office in Miami. Through the Tigo and Tigo Business brands, Millicom provides digital services, including high-speed data, broadband, mobile, cable TV, voice and SMS, Mobile Financial Services, and business communications. Millicom operates in nine Latin American markets, including Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay.[6][7]

After two years of planning, the company began operations when the founders completed a $131,000 share purchase in May 1982. The firm took over paging company Meta Systems in October 1982 and then raised $9 million in its first round of financing, managed by chief executive officer, Orhan Sadik-Khan and Kevin Kimberlin.[8][9][10] Since 92% of the world population had no phone service at the time, Millicom promoted mobile technology on a global basis.[11] To do this, Millicom created joint-ventures with local and strategic partners. On 13 December 1982, a joint-venture with Racal Electronics was awarded a cellular license for the United Kingdom. To enable Millicom to earn its 10% royalty from Racal-Millicom, a controlling shareholder, Stenbeck commissioned a startup with three employees, Technophone, to develop the world's first pocket-sized mobile phone.[12] Highlighting its plans to offer the Voice and Data phone (predecessor to the smartphone), his Racal-Millicom joint-venture was renamed Vodafone.[13]

On 12 October 1983, Millicom Inc. created China Telecom Systems (HK), a joint-venture with partners China Resources Ltd. and Comvik, a Swedish mobile firm also controlled by Jan Stenbeck.[14] China Telecom Systems (HK) held the first cellular telephone contract in China, making its service available to the public on 20 May 1985.[15] In December 1989, Millicom set up Microtel Communications Ltd. by teaming up with Pacific Telesis and British Aerospace (later bought out by Hutchison Telecom.)[16] Microtel was awarded a personal communication network (PCN) license to compete with Vodafone in the United Kingdom, a service launched on 28 April 1994 under its brand name, Orange.[17] This venture was acquired in October 1999, at which time Orange and its new parent, Mannesmann, were in turn both taken over by Vodafone. At a value of $202 billion,[18] the takeover of Mannesmann by Vodafone was the largest transaction in corporate history.[19][20] Orange (formerly Microtel) was then sold to France Telecom, which subsequently changed its corporate name to Orange.[21][22]

To better manage their respective mobile interests, Millicom Inc. combined with Comvik's international cellular operations to become Millicom International Cellular SA in 1990, which now operates under the laws of the Grand Duchy of Luxembourg.[23] In 2000, Millicom started investing in three continents: Asia, Africa, and Latin America. In 2004, Millicom conceptualized the TIGO brand. In 2008, Millicom acquired AMNET for fixed Internet and TV services, leading to the company's formal cable business entrance. Millicom completed the sale of its Asian business segment in 2011 with the sale of Laos.[24][25] It previously operated in Cambodia, India, Indonesia, Pakistan, Philippines, Sri Lanka, and Vietnam. With the sale of its last remaining Asian operation, Millicom shifted its focus to Latin America and Africa.

Millicom launched its first 4G high-speed internet services in Colombia in 2014, followed by Bolivia later in the year, and the remaining markets soon after. In 2014, Millicom launched the TIGO Sports Television channel in Paraguay and Bolivia.[26][27][28][29]

In 2012, Millicom partnered with UNICEF to protect children's rights, later renewing the partnership in 2020 to cover child online protection, and as virtual education gained prominence during the COVID-19 global pandemic. In 2016, Millicom partnered with Microsoft to provide cloud services to its Tigo Business customers in eight markets in Latin America. In 2017, Millicom launched TIGO ONEtv, the first Next Generation TV (NGTV) service for LATAM customers, integrating traditional linear television content with over-the-top platforms, as well as video on-demand. In 2018, Millicom acquired Cable Onda in Panama.[30][31][32][33] In 2019, Millicom expanded its Latin American presence, acquiring subsidiaries of Telefónica in Central America (Panama and Nicaragua).[34][35] In addition, in 2019, Millicom common shares started trading on the Nasdaq Stock Market in the United States under the symbol TIGO. The new listing complemented the company's existing Swedish Depository Receipt (SDR) listing on Nasdaq Stockholm.[36]

In October 2020, Millicom became the first mobile operator in Latin America to introduce Amazon Prime Video Mobile Edition.[37][38]

In April 2021, Millicom partnered with Amazon Web Services to expand and integrate its managed and professional services into its cloud services portfolio in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, and Colombia.[39][40][41]

That same month, Millicom announced the sale of its operations in Tanzania and for its stake in the AirtelTigo joint venture in Ghana, completing its multi-year plan to divest its African operations and focus on its Latin American markets.[42][43]

In 2023, Apollo Global Management and Marcelo Claure held discussions with Millicom regarding a potential acquisition of all outstanding shares of the company. The discussions have been terminated on 16 June 2023.[44]

At the same time, French billionaire Xavier Niel built a 25.02% stake in Millicom through his company Atlas Investissement,[45] making him the company's main shareholder. Following the acquisition of the stake in the company, three new directors appointed by Atlas Investissement joined the company's board of directors in May 2023:[46] Michaël Golan,[47] former CEO of Iliad, Nicolas Jaeger,[48] CFO of Iliad, and Thomas Reynaud,[49] CEO of Iliad.[50]

In September 2023, former Iliad SA CEO Maxime Lombardini became the company's COO. This appointment introduced a new management style to the group: significant headcount reductions, lower capital expenditure, standardization of network and frequency usage charges.[51]

In March 2025, the Millicom SDR was delisted from Nasdaq Stockholm as the company wanted to consolidate the trading of its shares onto one single exchange, the Nasdaq Stock Market in the United States.[52][53]

In May 2025, Millicom announced a definitive agreement to acquire Telefónica’s operations in Uruguay for USD 440 million, reinforcing its presence in South America and expanding its customer base and spectrum holdings in a market where it already leads in mobile services.[54]

In June 2025, Millicom signed a USD 380 million agreement to acquire Telefónica’s operations in Ecuador, a dollarized economy with a favorable macroeconomic outlook and growing digital ecosystem. The acquisition enhances Millicom’s regional scale and strengthens its long-term growth strategy in Latin America.[55]


Latin America

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Guatemala

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Millicom has operated in Guatemala since 1990. It owns a 100% equity interest in the operation after acquiring the remaining 45% stake from its local joint venture partner in an $2.2 billion deal in November 2021. The Tigo brand launched in 2004, replacing former national brands COMCEL and Amigo de COMCEL. Tigo Guatemala is the country's largest mobile operator with more than nine million customers and market share of 53.4 percent. Mobile penetration is estimated at 112 percent (as measured by GSMA, 2017) with internet penetration at 27 percent (World Bank, 2015). Tigo also provides mobile financial services through Tigo Money, as well as broadband, cable and business Services.[56]

El Salvador

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Millicom provides mobile and cable and other fixed services in El Salvador through Telemovil, which is wholly owned by Millicom. Tigo El Salvador has operated in the country since 1993. It is now the country's largest mobile operator with three million customers and a market share of 37.8 percent (2015). Tigo is also El Salvador's largest broadband and cable service provider and offers satellite DTH services, mobile financial services under the brand Tigo Money, as well as corporate and B2B services. Millicom equity holding is 100 percent. (Q1 2014)

Honduras

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Tigo launched in 2004 to replace the former national brand CELTEL. It is now the leading mobile service provider in a country of eight million, with an estimated 4.8 million customers. Its mobile market share is placed at 66 percent. Tigo Honduras also offers broadband, cable, business, satellite, and financial services. Millicom equity holding is 66.7 percent.

Paraguay

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Millicom provides mobile and cable and other fixed services in Paraguay through various subsidiaries which it fully owns. Millicom has operated in Paraguay since 1992 and is now the largest mobile operator with 3.8 million subscribers from a population of 6.7 million (World Bank 2012). Tigo Home has become market leader for pay TV and fixed broadband services since its launch in 2014, alongside Millicom's first DTH satellite service. Tigo's mobile market share is 56.4 percent. Tigo Paraguay has exclusive rights to broadcast Paraguay's national league championship games through 2023, and has exclusive sponsorship rights in telecommunications for the Paraguayan National Soccer Team through 2023. Millicom equity holding is 100 percent.

Nicaragua

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In 2019, Millicom purchased Telefonía Celular de Nicaragua, S.A. ("Telefonía Nicaragua"), the leading provider of Mobile services in the country, based on the number of subscribers. As of 31 December 2020, Millicom served 3.5 million mobile subscribers in the country through its Tigo brand. Prior to 2019, Millicom had a very small presence in Nicaragua, where it provided mostly B2B fixed services. Since 2018, Tigo Nicaragua Millicom has also provided cable services to a small but rapidly-growing customer base.[57][citation needed]

Costa Rica

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Tigo Costa Rica is the country's leading pay TV operator with more than 30 years of service under different brand names dating back to Millicom's acquisition of Amnet in 2008.

Bolivia

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Millicom provides mobile and cable and other fixed services in Bolivia through TELECEL (a native Bolivian brand) which it fully owns and operates under the Tigo brand. Tigo Bolivia is now the second largest mobile operator in Bolivia (population 10.5 million – World Bank 2012) with more than 3.9 million customers. Tigo Bolivia competes with Entel and Nuevatel PCS (under the brand name Viva). Branded services include Tigo Money, Tigo Star and Tigo Sports, Tigo Business and Tigo Smart. In 2014, Bolivia launched Millicom's first satellite DTH service. Millicom equity holding is 100 percent.

Colombia

[edit]

Tigo Colombia launched in 2006 and is the country’s third-largest mobile service provider, with more than ten million customers. Its services include Tigo Money and UNE internet and broadband, with significant market expansion initiated in 2014 following a Merger Framework Agreement signed in 2013 with UNE EPM Telecomunicaciones, part of the Empresas Públicas de Medellín group. Millicom holds a controlling equity stake of 50 percent plus one share and also has a growing online services and retail portfolio in the country.

In May 2024, Millicom and EPM signed a definitive agreement to merge their respective mobile operations under Tigo, consolidating ownership and simplifying governance. The transaction aims to strengthen Tigo’s market position, improve financial sustainability, and enhance its ability to invest in digital infrastructure and services.[58]

In March 2025, Millicom announced the signing of a definitive agreement with Telefónica to acquire its mobile operations in Colombia, further consolidating its presence in the market. This follows a prior announcement in July 2024 regarding the company’s interest in potential acquisitions. The integration of Telefónica’s assets is expected to enhance network coverage, customer base, and overall competitiveness in Colombia’s mobile sector.[59][60]

Exclusive Channels of Tigo Colombia include Tigo Sports, first launched on 7 April 2014. It is the country’s second sports channel, with broadcasting rights that include: Categoria Primera C (seven games per match day), Copa Colombia (three matches per round), Premier League (up to six games per match day), and Greek Super League (four games per match day).

Panama

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Millicom purchased 80% of Cable Onda, a Panamanian cable TV provider and ISP for US$1460 Million, in October 2018.[61] It phased out the Cable Onda brand in 2020, replacing it with its Tigo brand. In February 2019 Tigo announced the purchase of the Panamanian, Costa Rican and Nicaraguan operations of the Spanish company Telefónica for US$650 Million, US$570 Million, and US$430 Million respectively,[62] totaling US$1650 Million,[63] with Tigo planning to phase out the Movistar brand (operated by Telefónica) from those markets within a year after its purchase.[64] The transaction was completed in August the same year.[65]

As of March 2021, Millicom maintains operations across nine Latin American countries: Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay.[66]

Africa

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Millicom (TIGO) previously held operations in Chad, Democratic Republic of the Congo, Ghana, Mauritius, Rwanda, Senegal, Sierra Leone, and Tanzania.[67]

  • Millicom (TIGO) completed the sale of Sierra Leone in 2009.
  • Millicom (TIGO) completed the sale of Mauritius in 2014.
  • Millicom (TIGO) completed the sale of Democratic Republic of the Congo in 2016.[68]
  • Millicom (TIGO) and Bharti Airtel merged in Ghana to complete AirtelTigo in 2017.[69]
  • Millicom (TIGO) completed the sale of Rwanda in 2017.[70]
  • Millicom (TIGO) completed the sale of Chad in 2019.[67]
  • Millicom (TIGO) completed the sale of Senegal in 2019 to Axian Telecom.
  • Millicom (TIGO) completed the sale of Tanzania in 2021 to Axian Telecom.[71]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Millicom

View on Grokipedia
from Grokipedia
Millicom International Cellular S.A. is a Luxembourg-headquartered telecommunications company founded in 1990, specializing in mobile, fixed-line , , and digital across 11 countries in under the Tigo brand. The company, which employs approximately 14,000 people as of March 2025, serves around 46 million mobile customers and passes 14 million homes with its fiber-cable network, focusing on emerging markets to deliver connectivity, entertainment, and solutions like . Its operations span , , , , , , , , , , and , following recent acquisitions of Telefónica's businesses in Ecuador and Uruguay in 2025 that expanded its footprint and enhanced revenue stability. Originally established as a pioneer in mobile communications for developing regions, Millicom has evolved from early international expansions in and to a streamlined focus on after divesting its African operations by 2022, allowing greater investment in digital infrastructure and rollout. Key milestones include launching one of the world's first commercial mobile networks in 1989 and growing into a -listed entity (: TIGO) with a market emphasis on sustainable connectivity to bridge the . Under CEO Marcelo Benítez since 2024, Millicom prioritizes ESG integration, targeting reduced leverage and expanded free cash flow generation amid competitive telecom landscapes.

Overview

Company Profile

Millicom International Cellular S.A. is a telecommunications company founded in 1990. It is headquartered in , with principal executive offices located in , . The company operates exclusively in across 11 countries, having divested its operations in and other regions to focus on this market. As of September 30, 2025, Millicom employed approximately 14,000 people across its subsidiaries and joint ventures. It provides mobile services to approximately 42.2 million subscribers and serves approximately 4.0 million customers through its fixed networks, which pass 13.7 million homes. The company markets its services primarily under the Tigo brand. Millicom is publicly listed on the under the TIGO. As of November 14, 2025, its was approximately $8.42 billion.

Services and Brand

Millicom operates primarily under the Tigo brand, which was launched in to unify its offerings and emphasize customer proximity, derived from the Spanish word "contigo" meaning "with you." The Tigo brand serves as the flagship for delivering a wide range of digital lifestyle services across , integrating mobile, fixed, and financial solutions to enhance connectivity and access to digital opportunities. Tigo's mobile services form the core of its portfolio, providing voice calls, high-speed data plans, and messaging to support everyday communication and for millions of users. These services are designed to cater to diverse needs, from basic prepaid plans to advanced and connectivity, enabling seamless mobile usage for work, entertainment, and social interaction. In the fixed services segment, Tigo offers fiber-optic for high-speed and bundled packages that include cable TV and pay TV, combining entertainment with reliable home connectivity. These offerings focus on delivering integrated home solutions, such as streaming services and on-demand content, to promote a connected digital household experience. Tigo Money represents the company's Mobile Financial Services (MFS), facilitating money transfers, bill payments, and through simple, accessible platforms on feature phones and smartphones. This service empowers populations by providing secure financial transactions without traditional banking , contributing to broader economic inclusion. For business customers, Tigo Business delivers B2B solutions including enterprise connectivity for robust network , cloud services in partnership with providers like AWS, and digital advertising tools to support online marketing efforts. These tailored offerings help enterprises enhance , scale digital operations, and reach target audiences through campaigns. Tigo emphasizes digital inclusion through initiatives like affordable data plans that lower barriers to for low-income users and e-learning programs such as Conectadas and Maestr@s Conectad@s, which provide training in , , and educational tools. These efforts aim to bridge the by equipping women, girls, educators, and underserved communities with skills for participation in the .

History

Founding and Early Expansion

Millicom International Cellular S.A. was established on December 14, 1990, through the merger of the international cellular operations of Millicom Incorporated and Comvik International, a Swedish mobile firm. Preceding the formal establishment, Millicom's predecessor entities launched one of the world's first commercial mobile networks in 1989. The company was founded by American investor , Swedish entrepreneur , Telma Sosa, and Olvin Galdamez, with an initial focus on developing cellular infrastructure in emerging markets where fixed-line networks were underdeveloped. Headquartered initially in and later relocated to in 1992, Millicom aimed to capitalize on the rapid growth potential of mobile services in regions with high economic expansion but limited telephony access. From its inception, Millicom pursued aggressive license acquisitions to build its international footprint. In 1990, it secured its first personal communications network (PCN) licenses in the United States for and Orlando, marking early entry into mobile operations. By 1993, the company obtained a 15-year mobile services license in , launching commercial analog services in 1994 as the country's first mobile operator under the Mobitel brand, initially covering major cities like and . That same year, Millicom entered through its subsidiary Comvik International Vietnam AB, partnering with local entities to develop mobile capabilities amid the country's . In Latin America, Millicom established operations in in 1990 as the nation's pioneering mobile provider via Comunicaciones Celulares S.A., followed by the creation of Celcaribe in Colombia's region in 1994. These moves exemplified Millicom's strategy of targeting high-growth, underserved markets across and . The company's growth accelerated with its on the stock exchange on February 28, 1994, which provided capital for further expansion and listed under the ticker MICC (later TIGO). By the late , Millicom had interests in over 20 countries and operated in more than 10, including additional entries in , , and parts of and , with the introduction of prepaid services in 1997 across ten markets to address affordability barriers in low-income regions. However, this rapid faced significant hurdles, including regulatory obstacles such as delays and compliance issues in volatile political environments, as well as economic disruptions from currency crises like the 1994-1995 devaluation that affected Latin American operations. These challenges tested Millicom's resilience but underscored its commitment to pioneering mobile connectivity in frontier markets.

Global Operations and Challenges

In the late and early , Millicom pursued aggressive expansion beyond its initial Latin American footprint, entering markets in and to capitalize on emerging opportunities in developing regions. In , the company secured a in in July 1998 through a majority-owned called Sentel GSM, launching operations shortly thereafter and establishing a foundation for further continental growth. Similarly, Millicom had entered in 1992 with analog mobile services but intensified its presence in the mid-, including a 2005 agreement to consolidate equity stakes and expand network coverage amid rising subscriber demand. In , Millicom began investments around 2000, obtaining a mobile in in 2002 and launching services later that year to serve underserved rural and urban areas. These moves built on early licenses acquired in Latin America during the , allowing Millicom to diversify its portfolio across three continents. To streamline its global identity and , Millicom introduced the in 2004, unifying services across approximately 15 countries in , , and under a single, customer-focused banner emphasizing affordable mobile access. The rebranding replaced disparate national names like Comcel and Amigo, aiming to foster consistency and leverage in marketing and technology deployment. However, this rapid global push brought significant operational challenges. Acquisitions and license fees contributed to mounting debt levels, straining Millicom's balance sheet as the company invested heavily in network infrastructure across volatile markets. In , political instability in countries like and disrupted regulatory environments and operational continuity, with issues such as government interventions and disputes hindering growth. presented intense competition from established players and local incumbents, particularly in and , where market saturation and pricing pressures limited profitability. The 2008-2009 global exacerbated these pressures, leading to a key in 2009 that involved cost reductions, asset optimizations, and refinancing efforts to stabilize liquidity and extend maturities amid declining revenues and currency fluctuations in emerging markets. This restructuring, which included one-off charges impacting EBITDA margins, helped Millicom navigate the downturn while preserving core operations.

Strategic Focus on Latin America

Following the global and operational challenges in diverse markets, Millicom initiated a strategic pivot in the early to streamline its portfolio and prioritize as its core region for growth and profitability. This refocus involved divesting non-core assets outside the to reduce complexity, improve capital allocation, and enhance returns on investment in high-potential emerging markets. By concentrating resources on , where it already held strong positions, Millicom aimed to leverage synergies in mobile, fixed-line, and digital services across interconnected economies. A key component of this strategy was the complete of its Asian operations in 2011, culminating in the sale of its 74.1% stake in Millicom Lao Co. Ltd. to VimpelCom for approximately $65 million in March 2011, marking the exit from its last Asian holding after prior sales in and other markets. Similarly, Millicom executed a multi-year exit from to eliminate exposure to volatile regulatory and economic environments, beginning with the sale of its of Congo operations to Orange for $160 million in 2016, followed by the of its Chad business to in 2019 for an undisclosed amount. This process continued with the sale of its 50% stake in the AirtelTigo joint venture in to the Ghanaian government in 2021 as part of a , and concluded with the $100 million sale of its Tanzanian unit to Axian Group in 2022, achieving a full withdrawal from the continent by that year. To bolster its Latin American footprint, Millicom pursued targeted acquisitions and consolidations, starting with the 2006 purchase of a controlling 50% plus one share stake in Telefónica's Móvil for an undisclosed amount, which evolved into full operational control through the 2014 merger with UNE EPM Telecomunicaciones to form TigoUNE, where Millicom held a 66.6% interest. Further expansions in included the 2019 acquisitions of Telefónica's mobile operations in and (with the Costa Rica portion terminated in 2020) for a total of approximately $1.65 billion announced, significantly enhancing Millicom's market leadership and spectrum holdings in the region. These moves aligned with the unification of operations under the Tigo brand to standardize services and improve across markets. In 2024, French entrepreneur , through his investment vehicle Atlas Investissement, became Millicom's largest shareholder by increasing his stake to approximately 40%, providing strategic support for further Latin American expansion. This ownership shift preceded Millicom's delisting from in March 2025, following approval on March 3 and the last trading day on March 17, simplifying its amid the offer from Niel's group. The strategy reached new heights in 2025 with the acquisition of Telefónica's operations in , announced in May for $440 million and completed in October, and the $380 million purchase of its Ecuador unit, finalized in October, expanding Millicom's presence to 11 countries and reinforcing its position as a leading regional telecom provider.

Operations in Latin America

Guatemala

Millicom entered the Guatemalan market in 1990 as the first mobile operator, securing the inaugural mobile license and establishing operations under the Comcel brand, which later rebranded to Tigo. The company has since grown into the dominant player, serving approximately 11.7 million mobile subscribers as of early 2025 and commanding a exceeding 57% in the mobile sector. This leadership position has been maintained since 2007, driven by extensive network investments and a focus on customer expansion in both urban and underserved regions. Tigo Guatemala provides a comprehensive suite of telecommunications services, including 4G and 5G mobile connectivity, fiber-optic broadband, and cable television, positioning it as a key enabler of digital lifestyles in the country. The company leads in fixed with a 44.4% and holds a strong 37.8% share in the cable TV segment, supported by widespread network deployments. In mobile services, Tigo's coverage is extensive, while rollout began with the country's first commercial launch in urban areas, enhancing speeds and capacity for data-intensive applications. A of Tigo's in involves digital inclusion initiatives, particularly targeting rural areas where connectivity gaps persist, through programs that expand access and promote . In 2022, Millicom committed $700 million to network expansions across and neighboring countries, aiming to connect remote communities and bridge the urban-rural divide. Complementing this, the company upgraded its network in 2024, activating sites in major urban centers like and departmental capitals to support higher data demands and foster economic growth. The Guatemalan telecom landscape features ongoing regulatory developments, including spectrum auctions that shape competitive dynamics between Tigo and primary rival Claro (América Móvil). In June 2023, Tigo and Claro secured permits in the 2.5GHz band auction, allocating 126MHz of spectrum to bolster mid-band capabilities. Earlier, in September 2023, both operators won bids for 700MHz low-band spectrum, enhancing coverage for rural and indoor penetration. These auctions, overseen by the Superintendencia de Telecomunicaciones (SIT), continue to influence market competition, with Tigo leveraging its spectrum holdings to sustain its lead over Claro, following the 2019 acquisition of Guatemala by .

El Salvador

Millicom has operated in El Salvador through its subsidiary Telemóvil El Salvador, S.A. de C.V., under the Tigo brand since 1993, establishing itself as a key provider of mobile, fixed-line, and broadband services. By December 31, 2024, Tigo El Salvador served approximately 3.1 million mobile subscribers, maintaining its position as the largest mobile operator in the country by subscriber count. Mobile penetration in El Salvador exceeds 100%, reflecting widespread adoption, while mobile broadband penetration stands at around 56% as of late 2023, driven by 4G smartphone usage. Tigo El Salvador demonstrates particular strength in mobile financial services through Tigo Money, a digital wallet that facilitates payments, transfers, and international remittances, addressing the needs of a population where remittances constitute a significant portion of GDP. As of 2025, Tigo Money supports roughly 2 million active accounts across , including , where it plays a dominant role in remittance inflows, enabling users to receive funds directly via mobile phones without traditional banking infrastructure. This service has grown substantially since its authorization as the country's first e-money provider, promoting in a market where over 60% of adults remain . In terms of infrastructure, Tigo El Salvador provides nationwide LTE coverage, earning top ratings for coverage experience among operators as of late 2023. The company has invested heavily in network expansion, including a US$500 million commitment over five years starting in 2025 to modernize and extend capabilities. More recently, Tigo activated commercial services in October 2025, initially deploying 70 antennas in the metropolitan area, including key zones like the historic center, , and Santa Tecla, to enable faster speeds and enhanced connectivity for compatible devices. Despite these advancements, Tigo El Salvador faces intense competition from incumbents like and , which challenge in mobile and segments. Economic volatility, including and regulatory reforms such as the 2019 Consumer Protection Law, has increased operational risks, affecting customer churn and payment behaviors. In response to these pressures, Millicom pursued optimizations, including tower and acquisitions, though specific network-sharing mergers in El Salvador remain limited compared to regional efforts.

Honduras

Tigo Honduras operates as a between Millicom International Cellular S.A. and the state-owned operator Hondutel, with Millicom holding a 66.7% equity interest in the entities Celular S.A. de C.V. (formerly Celtel) and Navega S.A. de C.V., while Hondutel owns the remaining 33.3%. The partnership, which involves shared control requiring super-majority votes for key decisions, dates back to the early but saw significant operational alignment following the rebranding of services to the Tigo brand. The positioned Tigo as the market leader with over 65% share in mobile services as of late 2023. The operations focus on a range of services tailored to both and segments, including prepaid and postpaid mobile voice, , and plans; fixed internet; and pay-TV offerings via (HFC), fiber-to-the-home (FTTH), and direct-to-home (DTH) platforms. Tigo also provides mobile financial services (MFS) and enterprise solutions such as B2B connectivity. Network infrastructure emphasizes LTE deployment, with coverage extending to urban centers, major highways, and rural areas through solar-powered base stations to support underserved communities. These investments have enabled availability for a substantial portion of Honduras's population, contributing to improved penetration amid the country's challenging and vulnerability to natural disruptions. The structure with Hondutel, as the government entity, shapes operational dynamics, including on pricing frameworks, spectrum allocation, and infrastructure expansion to meet national connectivity goals. For instance, Tigo must adhere to mandates for signal reduction near correctional facilities and contribute to broader objectives like rural access. In line with evolving technology, Tigo Honduras is advancing toward deployment, with initial rollout targeted for 2025 in to enhance capacity for high-demand applications. Beyond commercial activities, Tigo Honduras engages in social initiatives to foster digital inclusion and . Key programs include Conectadas, which trained over 170,000 women and girls in digital skills in 2023, and Maestr@s Conectad@s, benefiting more than 107,000 educators with connectivity and training resources. In disaster-prone , Tigo has supported response efforts following major hurricanes, such as and in 2020, by establishing donation matching programs to aid recovery and by prioritizing network restoration for emergency communications in affected regions. These efforts underscore the joint venture's role in leveraging infrastructure for humanitarian support during crises like flooding and storms.

Nicaragua

Millicom entered the Nicaraguan market in 2019 through the acquisition of Telefónica's mobile operations, rebranding them under the Tigo banner and integrating them with its existing fixed-line and cable services. By the end of 2024, Tigo served approximately 3.7 million mobile subscribers, capturing around 45% of the market share in a duopolistic landscape dominated by two major operators. Tigo Nicaragua has prioritized competitive positioning by offering affordable data plans tailored to price-sensitive consumers, enabling broader access to digital services such as mobile and bundled offerings that include voice and SMS. The company has also invested heavily in infrastructure, focusing on LTE network expansion to reach underserved rural areas, where coverage improvements have enhanced connectivity for previously isolated communities and supported economic activities like and remittances. These efforts have positioned Tigo as a leader in 4G coverage experience, with users reporting reliable performance in expansive geographic areas. In urban hubs like , Tigo continues to deploy fiber-optic networks to bolster fixed speeds, achieving median download rates exceeding 60 Mbps in recent assessments. Despite these advancements, Tigo's operations in contend with significant challenges, including political instability that has deterred foreign investments through regulatory unpredictability, , and interference in the sector. Heightened political risks, exacerbated by ongoing authoritarian and , have complicated long-term planning and capital allocation for projects. Additionally, Tigo faces stiff from Claro, which holds the largest and leads in download speeds and certain service categories, prompting Tigo to differentiate through superior coverage and customer-centric innovations like integrated mobile via Tigo Money.

Costa Rica

Millicom's subsidiary in Costa Rica, operating as Tigo Costa Rica, provides fixed-line services in a mature market known for its high penetration and stable regulatory environment. The company acquired key assets from the Instituto Costarricense de Electricidad (ICE) in 2011, which strengthened its position in broadband and cable services, building on earlier expansions in pay-TV and fixed infrastructure dating back to the 2008 acquisition of Amnet Telecommunications. This strategic move allowed Tigo to integrate advanced fixed networks, serving urban and suburban areas with reliable connectivity amid Costa Rica's economic growth and digital adoption. As of 2023, Tigo Costa Rica maintains a customer base of approximately 2.5 million mobile subscribers and 500,000 fixed-line customers, emphasizing bundled offerings to drive loyalty in a competitive landscape dominated by state-owned and private operators. Tigo leads in fiber delivery, offering speeds up to 1 Gbps through its and full fiber-to-the-home (FTTH) networks, particularly in densely populated regions. The company has prioritized integrated mobile-fixed bundles, combining high-speed , pay-TV, and voice services to provide cost-effective solutions for households, with plans that include streaming add-ons like Disney+ and HBO Max for enhanced entertainment value. These offerings have supported steady growth in fixed , reflecting the market's shift toward converged services and the company's in network upgrades to meet rising demand for and streaming. For example, Tigo's premium bundles deliver symmetric and speeds, ensuring low latency for video conferencing and online education in a country with over 90% household . In 2023, Tigo commercially launched services, achieving significant penetration in urban centers such as , where coverage supports enhanced for business and consumer applications. On the regulatory front, the company remains compliant with 's framework, including adherence to principles endorsed by authorities, which prohibits discriminatory traffic management and promotes open access. Tigo also emphasizes , aligning with Millicom's global ESG goals through initiatives like energy-efficient network operations, reduced carbon emissions in fixed infrastructure, and community programs for digital inclusion in underserved areas. These efforts are detailed in annual sustainability disclosures, highlighting the company's commitment to environmental stewardship in a market prioritizing green . In November 2025, Costa Rica's telecom regulator SUTEL rejected a proposed transaction to combine Tigo Costa Rica's operations with those of Liberty Latin America, citing concerns over market competition. Millicom and Liberty Latin America expressed disagreement with the decision and are evaluating next steps, which could impact future investments in network expansion and service integration.

Panama

Tigo Panama, a subsidiary of Millicom International Cellular S.A., provides mobile, fixed broadband, pay TV, and business services in the country, with operations integrated following the 2019 acquisition of Telefónica's assets and full ownership achieved in 2022. The company maintains a leading position in the mobile market, where it ranks first among operators, and demonstrates strength in the B2B segment through robust service revenue growth and momentum in digital solutions. As of December 2024, Tigo served approximately 2.8 million mobile subscribers, supported by postpaid customer additions of 15% in 2025. Panama's economy, bolstered by and services that contribute around 30% to GDP, highlights the strategic importance of reliable for enterprises, particularly in and shipping sectors. Tigo supports this with high-speed connectivity tailored for needs, including dedicated B2B offerings such as and digital services that enhance . The company's B2B grew 5.3% year-over-year in constant during Q3 2025, reflecting sustained demand from corporate clients. Tigo operates a hybrid 4G/5G network, with LTE covering 95% of the population and services launched in to enable advanced applications for . Ongoing investments, including $100 million annually for network modernization and expansion through 2025, focus on improving coverage and capacity to meet growing data demands in urban and logistics-heavy areas. Following Digicel's market exit in due to competitive pressures from mergers, Tigo primarily competes with +Movil (the combined Cable & Wireless and Claro entity) for a roughly 45% share of the mobile market.

Colombia

Millicom established a strong presence in through its subsidiary Tigo Colombia, initially operating as Colombia Móvil before rebranding. In 2013, Millicom reached a principal agreement with Empresas Públicas de Medellín (EPM) to merge its mobile operations with UNE, a fixed-line provider, granting Millicom effective control and significantly expanding its footprint in the market. This merger, completed in 2014, combined mobile and services, positioning Tigo as a key player in both wireless and wireline segments. More recently, in March 2025, Millicom acquired Telefónica's 67.5% controlling stake in Coltel (operating as Colombia) for $400 million, achieving full consolidation of operations and enhancing its competitive position through integrated network sharing agreements initiated in 2024. As of Q3 2025, Tigo serves approximately 17.8 million mobile subscribers and 1.2 million fixed-line customers, making it the third-largest mobile operator in the . The company maintains an extensive network covering 88% of the population, with ongoing deployments focused on urban and high-density areas to support growing demand. These investments, including participation in Colombia's auctions, have bolstered holdings and improved , enabling Tigo to lead in mobile network with a 98.7% score. Tigo Colombia stands out as a leader in data consumption, with average monthly mobile data usage reaching 8.5 GB per subscriber in Q3 2025, driven by competitive pricing and superior download speeds averaging 13.9 Mbps. The company emphasizes urban expansion, deploying high-speed fiber-to-the-home (FTTH) services that reach 50% of urban households and support over 1.1 million connections, particularly in major cities like and , where gigabit speeds enable advanced digital services such as streaming and . Tigo Colombia offers self-service options via USSD codes to facilitate customer management of services. The primary code *300# accesses an interactive menu that enables subscribers to check their balance, activate additional services, verify line status, manage their SIM card, and complete the mandatory personal data registration required for prepaid lines in Colombia. New SIM cards typically activate automatically upon insertion into a device and acquisition of network signal, though an initial recharge or outgoing call may be required in certain cases. For recharges, a common code is 134[PIN]#.

Bolivia

Millicom entered the Bolivian market in 2007 through its subsidiary Telefónica Celular de Bolivia S.A., operating under the Tigo . By late 2023, Tigo Bolivia served 3.9 million mobile subscribers, representing the second-largest market share behind state-owned Entel, with approximately 37% of the mobile sector as of early 2024. In a challenging Andean environment marked by rugged terrain and sparse population density, the company has prioritized rural connectivity, expanding 4G LTE networks to highland regions and partnering with infrastructure providers to reach remote areas. Tigo Bolivia's service portfolio is dominated by prepaid mobile plans, which account for the majority of its customer base and align with the country's high and low fixed-income penetration. The operator has also invested in growing fixed offerings, particularly in urban centers like , where hybrid fiber-coaxial (HFC) and fiber-to-the-home (FTTH) technologies support increasing demand for home and pay-TV services. These efforts contribute to digital inclusion initiatives, such as programs for underserved communities. On the regulatory front, Tigo Bolivia faces ongoing risks from the government's historical policies in strategic sectors, which could extend to amid economic pressures. The company's mobile spectrum licenses are set for renewal in 2030, but 2025 will see critical allocations for bands, with the Autoridad de Telecomunicaciones y Transportes () planning a tender process for private operators like Tigo to secure additional frequencies. Recent currency devaluations and rules capping prepaid overage rates have added financial strain, prompting a focus on profitability over volume growth.

Paraguay

Millicom entered the Paraguayan market in 1999 through the acquisition of a local mobile operator, establishing Tigo Paraguay as its primary brand for services. Since then, Tigo has grown to become the leading provider, serving approximately 3.6 million mobile subscribers and commanding a of around 49% as of early 2025. This dominant position reflects Tigo's focus on expanding mobile access in a country where and play key economic roles, enabling digital inclusion for both urban and rural populations. Tigo Paraguay excels in cross-border roaming services, particularly with neighboring and , allowing seamless connectivity for frequent travelers and supporting regional commerce along key trade corridors. These services cover over 44 countries in the and , ensuring users maintain access without changing numbers or incurring high fees. In Q3 2025, Paraguay contributed $143 million to Millicom's service revenue, marking a 3.5% year-on-year increase driven by mobile data growth and usage. The company's infrastructure investments emphasize modern connectivity, including accelerated fiber optic network expansion to bolster and services, passing more homes and businesses in urban areas like . Tigo is also preparing for deployment in the capital, collaborating with regulators on spectrum acquisition in the 2.6 GHz and 700 MHz bands following the 2025 auction, with rollout expected to enhance high-speed applications. Tigo supports local initiatives, including IoT connectivity solutions that aid sectors like , where Paraguay's economy relies heavily on farming for over 25% of GDP. These efforts provide farmers with tools for precision monitoring, such as sensor-based data for crop management, aligning with broader goals.

Ecuador

In October 2025, Millicom completed the acquisition of Telefónica's operations in for USD 380 million, marking its entry into the market as its 11th country of operation. The deal, finalized on after regulatory approvals, includes the rebranding of the acquired entity—previously operating as —to Tigo, aligning with Millicom's regional branding strategy, with the transition expected to occur gradually over 12 to 18 months. This acquisition adds approximately 5 million mobile subscribers to Millicom's portfolio and integrates around 2,500 cell sites into its network infrastructure. Post-acquisition, Millicom has outlined ambitious growth plans focused on network modernization and expanded connectivity. The company intends to invest USD 350 million over the next five years, including USD 70 million for spectrum licenses to deploy approximately 325 cell sites, targeting coverage for up to 3 million customers in key urban areas. Additional initiatives include modifying 1,000 existing cell towers for enhanced capacity, extending coverage to about 400 towers, and installing 350 new sites to reach an additional 3.5 million . On the fixed side, Millicom plans to drive growth as part of its broader digital highway strategy, leveraging the acquired assets to boost fixed-line services in a market where penetration is expanding at 3.6% annually. Ecuador's telecommunications landscape is highly competitive, dominated by Claro with a 53% mobile market share, followed by the state-owned CNT at 18%, and now Tigo entering with an inherited 29% share from . The market serves about 18.7 million active mobile lines in a of 18.1 million, characterized by steady growth in a dollarized projected to expand GDP by 1.7% in 2025. Millicom emphasizes post-acquisition synergies through scale efficiencies, enhanced digital access, and investments in next-generation infrastructure to support economic and social development in this urbanizing (65% urban) nation.

Uruguay

In May 2025, Millicom announced the acquisition of Telefónica Móviles del Uruguay S.A., the Uruguayan subsidiary of Telefónica operating under the Movistar brand, for an enterprise value of USD 440 million. The deal, which received regulatory approval, was completed on October 7, 2025, marking Millicom's entry into the Uruguayan market and applying the Tigo branding to the operations. This acquisition adds approximately 1.6 million mobile subscribers to Millicom's portfolio, primarily in mobile services, as Telefónica Uruguay did not operate fixed broadband or pay TV accesses. The move strengthens Millicom's footprint in , aligning with its broader regional expansion strategy in by diversifying into a market with a stable BBB+ . In , Millicom now competes primarily with the state-owned operator Antel, which dominates the telecom sector, including fixed services. The Uruguayan market features one of the highest fixed penetration rates in , with fiber reaching 83% of households, driven by Antel's national infrastructure policy. Following the acquisition, Millicom has committed to investments in mobile infrastructure, , and to enhance digital inclusion and in . This includes potential renewed focus on network deployment, leveraging the acquired assets to accelerate coverage and integration with Millicom's regional operations. While specific coverage targets have not been detailed, these enhancements aim to support operational synergies and improved service bundling in a competitive landscape.

Corporate Affairs

Leadership and Governance

Millicom's leadership is headed by Marcelo Benítez, who assumed the role on June 1, 2024, succeeding Mauricio Ramos after nearly a at the helm. Benítez, a long-time Millicom executive, oversees the company's operations across , focusing on digital connectivity and expansion. The is chaired by Maxime Lombardini, appointed in May 2024 following his transition from COO and President, a role he held since September 2023. Lombardini, formerly CEO of , provides strategic oversight as a non-executive chair. The board comprises eight members, including independent directors such as Blanca Treviño de Vega and Bruce Churchill, ensuring compliance with requirements through diverse expertise in , , and . French entrepreneur serves as the largest shareholder with approximately 40% ownership, acquired progressively since 2022 and solidified through a successful in August 2024 that enhanced his strategic influence in . Millicom's governance framework adheres to Luxembourg corporate law as a Luxembourg-incorporated entity and complies with listing standards, emphasizing transparency and accountability in board operations. The company maintains an ESG Committee, chaired by the CEO and reporting to the board, to integrate environmental, social, and governance priorities into decision-making; it was formalized to align with global standards like the UN Global Compact. Key policies include robust measures, such as mandatory training, third-party , and a whistleblower , aligned with guidelines to mitigate risks in emerging markets. Diversity initiatives form a core element of Millicom's , with a commitment to gender balance in ; as of December 31, 2024, women represent 37% of upper positions, supporting broader targets for inclusive representation across organizational levels. These efforts underscore the company's focus on equitable policies to drive innovation and compliance.

Ownership and Stock Information

Millicom International Cellular S.A. is primarily owned by French billionaire Xavier Niel through his investment vehicles, including NJJ Holding SAS and Atlas Investissement, which collectively hold approximately 42% of the company's shares as of November 2025. Niel began acquiring a stake in Millicom in late 2022, initially reaching about 7%, and progressively increased it through 2023 and 2024, culminating in a successful tender offer in August 2024 that elevated his ownership to over 40%. This positions NJJ Capital, Niel's primary holding company, as the dominant shareholder, influencing strategic decisions while allowing Millicom to maintain its public listing. The remaining shares are distributed among institutional investors and the public, with institutional ownership accounting for roughly 48% of the outstanding shares. Key institutional holders include , which owns about 5.1%, with approximately 3.1%, and Brandes Investment Partners at around 3.9%, reflecting broad interest from global funds in Millicom's Latin American operations. These investors provide diversified support, though no single entity beyond Niel's group holds a . Millicom's common stock trades on the NASDAQ Global Select Market under the TIGO, where it has been listed since its on February 28, 1994. The company delisted its Swedish Depositary Receipts (SDRs) from in March 2025, with the last trading day on March 17, to consolidate its primary listing in the United States and streamline global investor access amid a strategic emphasis on Latin American growth. As of November 2025, Millicom has approximately 167 million , all of which are common shares, with no issued.

Financial Performance

Key Metrics and Revenue

Millicom's full-year revenue for 2024 reached $5.8 billion, marking a 2.5% increase from the previous year, driven primarily by growth in mobile and fixed services across its Latin American operations. Service revenue, which excludes equipment sales and other non-recurring items, totaled $5.417 billion, up 3.2% year-on-year, with mobile services contributing the majority through higher (ARPU) and postpaid subscriber additions. Fixed services, including and cable, accounted for a growing portion of the mix, supported by expansions in home connectivity offerings. Adjusted EBITDA for the year stood at $2.469 billion, reflecting a robust 16.9% growth (15.8% organically), bolstered by operational efficiencies, cost controls, and expansion in core segments. Mobile ARPU averaged $6.3 per month, benefiting from increased consumption and a shift toward higher-value postpaid plans, while fixed ARPU trends showed stability amid network upgrades. The company's customer base expanded to 41.5 million mobile subscribers and 4.0 million fixed /home connections by year-end, underscoring sustained demand for digital services in the . Key growth drivers included a 16% year-over-year increase in mobile data traffic, fueled by rising smartphone penetration and affordable data plans, alongside digital solutions revenue that grew nearly 15%. Millicom achieved economic free cash flow (EFCF) of $777 million in 2024, exceeding its initial target, and set an EFCF guidance of approximately $750 million for 2025, reflecting anticipated savings from ongoing efficiency initiatives. These metrics highlight Millicom's focus on scalable operations and capital discipline to support network investments and shareholder returns.

Recent Financial Results

In the third quarter of 2025, Millicom reported revenue of $1.42 billion, representing a reported decline of 0.7% year-over-year but an of 3.5% in for service revenue, driven by strong performance in mobile and fixed services across its Latin American operations. Operating profit for the quarter rose significantly by 30.1% year-over-year to $390 million, reflecting improved cost efficiencies and higher adjusted EBITDA margins reaching a record 48.9%. The company's financial position remained solid, with net leverage at 2.09x as of September 30, 2025, on track to meet its target of below 2.5x by year-end through disciplined and reduction efforts. stood at $1,664 million as of September 30, 2025, providing ample to cover short-term obligations and support ongoing investments. The recent acquisitions of Telefónica's operations in and , completed in October 2025, are expected to contribute a combined annual revenue run-rate of $736 million—$246 million from and $490 million from —enhancing Millicom's scale in key markets without immediate Q3 impacts due to the timing of closure. Looking ahead, Millicom reaffirmed its 2025 outlook for equity (EFCF) of approximately $750 million, underpinned by operational momentum and synergies from recent transactions. Fitch maintained its 'BB+' rating on Millicom with a outlook, citing the company's robust generation and strategic expansions as supportive factors.

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  101. https://prepaid-data-sim-card.fandom.com/wiki/Bolivia
  102. https://www.tigo.com.bo/
  103. https://www.bnamericas.com/en/features/bolivia-plans-to-allocate-5g-spectrum-in-2025
  104. https://www.millicom.com/media-center/undefined/tigo-paraguay-celebrates-25
  105. https://dcfmodeling.com/products/tigo-marketing-mix
  106. https://www.millicom.com/results/q3-2025-results
  107. https://www.tigo.com.py/roaming
  108. https://www.millicom.com/media/5149/mda-paraguay-q1-2022.pdf
  109. https://finance.yahoo.com/quote/TIGO/earnings/TIGO-Q3-2025-earnings_call-317745.html/
  110. https://tigo.m2m.com/
  111. https://www.millicom.com/media/5500/factbook-2022-vf.pdf
  112. https://www.rcrwireless.com/20251104/5g/telefonica-millicom-2
  113. https://www.bnamericas.com/en/news/millicom-will-invest-us350-million-in-a-mobile-network-in-ecuador
  114. https://www.bnamericas.com/en/news/ecuadors-government-extends-mobile-concessions-until-2038
  115. https://www.reuters.com/markets/deals/telefonica-sells-uruguay-unit-millicom-440-million-2025-05-22/
  116. https://www.globenewswire.com/news-release/2025/10/07/3162713/0/en/Millicom-Tigo-completes-acquisition-of-Telef%25C3%25B3nica-in-Uruguay-strengthening-its-regional-footprint-in-South-America.html
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  118. https://www.budde.com.au/Research/Uruguay-Telecoms-Mobile-and-Broadband-Statistics-and-Analyses
  119. https://omdia.tech.informa.com/om122153/fixed-broadband-and-fiber-penetration-highlight-inequality-in-latin-america
  120. https://omdia.tech.informa.com/om136120/5g-in-latin-america--2025
  121. https://www.nasdaq.com/press-release/millicom-tigo-board-of-directors-appoints-marcelo-benitez-as-ceo-2024-04-25
  122. https://www.millicom.com/our-company/leadership/the-board-of-directors
  123. https://www.millicom.com/our-company/leadership/the-board-of-directors/blanca-trevino-de-vega
  124. https://www.millicom.com/our-company/leadership/the-board-of-directors/bruce-churchill
  125. https://www.latincounsel.com/?Noticias=Skadden_advises_Xavier_Niel_and_Atlas_Investissement_in_successful_tender_offer_Millicom_Tigo
  126. https://www.sec.gov/Archives/edgar/data/912958/000095017025111030/xslSCHEDULE_13D_X01/primary_doc.xml
  127. https://www.millicom.com/our-company/corporate-governance
  128. https://www.millicom.com/media/4886/mic-2021-led-report-final.pdf
  129. https://www.millicom.com/what-we-stand-for/society/diversity-equity-and-inclusion
  130. https://seekingalpha.com/news/4143501-xavier-niels-atlas-completes-millicom-tender-offer-raises-stake-to-404
  131. https://finance.yahoo.com/quote/TIGO/key-statistics/
  132. https://www.marketscreener.com/quote/stock/MILLICOM-INTERNATIONAL-CE-50060884/company-shareholders/
  133. https://www.investing.com/equities/millicom-intl-cell-ownership
  134. https://stockanalysis.com/stocks/tigo/
  135. https://ml-eu.globenewswire.com/Resource/Download/a4b21b2a-106c-4281-9ad0-d8907042ed1f
  136. https://www.stockinsights.ai/us/TIGO/earnings-transcript/fy24-q4-3379
  137. https://www.tipranks.com/news/company-announcements/millicom-reports-strong-q3-2025-financial-performance-2
  138. https://www.tipranks.com/news/company-announcements/millicoms-earnings-call-record-profits-amid-challenges
  139. https://www.fitchratings.com/research/corporate-finance/fitch-affirms-millicom-international-cellular-sa-ratings-at-bb-outlook-stable-22-07-2025
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