Business · Companies · 4 hrs ago
Millicom’s debt rises 49% as it buys Telefónica businesses in Latin America
Millicom’s net debt rose 49% in the first nine months of 2026, reaching $7.983 billion.
The telecommunications group, which owns the Tigo brand, has been buying Telefónica businesses across Latin America, including operations in Uruguay, Ecuador, Colombia and Chile.
It also bought the remaining stake in Colombia’s UNE-Tigo, a separate deal not involving Telefónica.
These purchases have added to Millicom’s debt, while its cash balance fell and its financial costs rose 71.2% from the same period in 2025.
Third-quarter revenue increased 60.8%, but organic growth was 4.8%, showing that acquisitions accounted for much of the increase in the group’s size.
The figures show the financial cost of Millicom’s expansion, but no next steps are specified.
Millicom’s net debt rose 49% in the first nine months of 2026 to $7.983 billion.
The increase coincided with acquisitions of Telefónica businesses in Latin America.
Millicom completed purchases in Uruguay, Ecuador, Colombia and Chile between October 2025 and April 2026.
Its financial expenses rose 71.2% year on year to $868 million in the first nine months of 2026.
- Who
- Millicom, the telecommunications group that owns the Tigo brand.
- What
- Its net debt rose 49% to $7.983 billion in the first nine months of 2026, amid acquisitions of Telefónica businesses in Latin America.
- When
- The debt increase was recorded in the first nine months of 2026.
- Where
- Latin America.
- Why
- The increase coincided with Millicom’s acquisitions of Telefónica businesses in the region and other investment.
This story does not have two clearly opposing sides.
Millicom completed its purchase of all of Telefónica Móviles Uruguay for an enterprise value of $440 million.
Millicom completed its purchase of all Telefónica operations in Ecuador for an enterprise value of $380 million.
Millicom completed its purchase of EPM’s remaining stake in UNE-Tigo Colombia for about $571 million.
Millicom completed the purchase of a 67.5% stake in Colombia Telecomunicaciones for about $214.4 million.
Millicom completed the acquisition of Telefónica Móviles Chile through a joint venture with NJJ.
Millicom completed the purchase of the remaining 32.5% stake in Colombia Telecomunicaciones.
- Net debt
- $7.983 billion at the end of the first nine months of 2026
- Debt increase
- 49% from $5.357 billion at the end of 2025
- Cash position
- $848 million, down from $1.552 billion at the end of 2025
- Financial expenses
- $868 million in the first nine months of 2026, up 71.2% year on year
- Chile joint venture
- Millicom owns 49% of Celtel Chile and NJJ owns 51%