Millicom has completed its US$380 million acquisition of Telefonica’s operations in Ecuador, marking another major milestone in the group’s strategy to strengthen its presence across Latin America.
In a statement, Millicom described the deal as “another major step” in its ongoing focus on South America, where it has been expanding through strategic acquisitions while withdrawing from other international markets such as Africa.
The company highlighted Ecuador as a high-potential market supported by a stable, dollarized economy - the country adopted the US dollar as legal tender in 2000 following a period of economic instability.
Millicom CEO Marcelo Benítez said the acquisition underscores the group’s confidence in the Latin American telecoms sector and “consolidates Millicom’s leadership” in the region.
The operator now has a presence in 11 countries, serving 46 million mobile customers and connecting 13 million homes with fibre networks.
Meanwhile, Telefonica continues to streamline its global footprint under CEO Marc Murtra, focusing on its core markets - Brazil, Spain, Germany, and the UK - which together generate the majority of the company’s revenue.
