Milbank LLP is advising 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 purchase price of $362 million). Closing of the transaction is subject to the satisfaction of certain closing conditions, including regulatory approvals. Millicom has also agreed to offer to purchase the remaining 32.5% of Coltel 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, special counsel John Garces, associates Steve Ahn and Sarah Griffin and international attorney Luis Felipe Garcia Rubio. The Milbank team also included Tax partner Max Goodman and associate Michael Rivkin.
