OLA To Millicom

Luxembourg-based Millicom has won control of Colombia Móvil, known as OLA, the country’s third-largest mobile phone company, after revising its bid to $478.5 million, the minimum price accepted by OLA’s owners – Empresa de Telecomunicaciones de Bogotá (ETB) and Empresas Públicas de Medellín (EPM) – Colombia’s two largest telcos. Millicom will now control 50% plus one share of OLA’s capital. Caribbean-based Digicel Group, the only other qualified contender in the race, failed to present a bid, leaving Millicom to negotiate a price directly with ETB and EPM.