Cable Onda sells 80% of stock to Millicom

Cable Onda the largest provider of pay television and fixed telecommunications services in Panama,  has sold 80 percent of its shares to Millicom International Cellular S.A., whose main brand is Tigo, for $1.46 billion.  

The Panamanian company reported on Monday, October 8  that the commercial agreement includes its Telecarrier and Fronteras Security companies,  and that the deal is subject “to the conditions of closure and consensus of the Cable Onda bondholders “, and that it is expected to conclude “by the end of 2018”.

Millicom is a provider of cable and mobile services dedicated to emerging markets in Latin America and Africa, and in 2017 it reported revenues of $6 billion according to data distributed by Cable Onda.

The Panama company said in a public statement that the trade agreement “will offer new opportunities for growth and development “for workers of “both companies, and innovation in products and services for the benefit of customers “.

It also “constitutes a new foreign investment for Panama, which will bring socio-economic development to the country and the sector, “said Cable Onda.

As of December 31, 2017, Cable Onda was serving 433,000 residential customers and 34,000 thousand commercial and governmental clients.

For the year ended December 31, 2017, the company reported income of $374 million

Benefits before interest, taxes, depreciation, and amortization

Nicolás González, general manager of Cable Onda, said the company is “excited to be a member of Millicom “which is”  a clear leader in most of the markets it serves. “

The  linking  “combines  trajectory and knowledge of the local Cable Onda market,

with the international experience offered by a group like Millicom, “