Colombian Operators Offer Up Control

Colombian telephone operators Empresa de Telecomunicaciones de Bogotá (ETB) and Empresas Públicas de Medellín (EPM), are offering control of local mobile phone operator OLA of which they are majority shareholders. Despite previous assurances that they were looking for a strategic investor to capitalize OLA, the memorandum of understanding makes it clear that control of the company is on the table. Last Friday, both companies pulled out of the bidding process for fixed-line local operator Colombia Telecom saying they were unable to compete with foreign bidders such as Mexico’s Telmex or Spain’s Telefónica.