Millicom International Cellular S.A. (NASDAQ: TIGO) has finalized the acquisition of Telefónica Móviles del Uruguay S.A. (Movistar), further strengthening its dominance in the Latin American telecommunications market. The transaction, valued at an enterprise value of $440 million (approximately 600 billion Korean Won), was completed on the 7th, following final approval from the Uruguayan government.

Luxembourg-based Millicom, operating under the TIGO brand, is making its initial entry into the Uruguayan market through this acquisition. This move is part of a strategic intent to expand its business operations in the South American region and solidify its position as a key telecommunications operator in the area.

Millicom CEO, Marcelo Benitez, emphasized that "This acquisition is a decisive step in our growth strategy," expressing strong confidence in the integration of regional platforms. The company anticipates enhancing efficiency and creating synergies across network, operations, and commercial services, while diversifying its sources of value creation in the Uruguayan market, which is supported by a solid macroeconomic foundation. A positive contribution to Free Cash Flow (FCF) for shareholders is projected to commence in 2026.

Millicom currently provides mobile and fiber optic cable services to over 46 million subscribers across Latin America and boasts a fiber optic cable coverage of over 14 million homes. This entry into Uruguay aligns with Millicom's broader goal of aggressively expanding its presence in the Central and South American region and evolving into a stronger, integrated telecommunications enterprise, as evidenced by recent discussions regarding an equity stake acquisition in the Colombian market.

Meanwhile, Millicom's stock (TIGO) is currently trading at $47.86, with a market capitalization of $8 billion. The company's stock price has garnered significant market attention, recording an impressive year-to-date return of 111.54%.

In the recently announced Q2 2025 financial results, Earnings Per Share (EPS) was $4.03, significantly surpassing the market estimate of $0.54. However, revenue of $1.37 billion slightly fell short of expectations, indicating the continuation of strategic financial maneuvers.