Millicom Signs Agreement To Acquire Entel Peru For $1.714B

The transaction expands Millicom’s presence in investment-grade markets and is expected to be accretive to equity free cash flow in the first year following completion. Closing is expected in early December, subject to customary closing conditions.

Luxembourg, November 13, 2026 – Millicom (NASDAQ:TIGO) today announced that it has signed an agreement to acquire Entel Peru for US$1,714 million, including lease liabilities, implying a transaction multiple of 5.0x estimated 2026 EBITDA, before synergies and integration costs. This transaction marks another important step in Millicom's regional growth strategy and is expected to be funded through a combination of local financing and cash on hand. The purchase price will be paid in three installments: 65% at closing, 10% twelve months after closing, and 25% eighteen months after closing. The transaction is expected to close in early December 2026, subject to satisfaction of certain closing conditions.

Upon completion, the acquisition would expand Millicom’s footprint to 13 markets and further advance its strategy of geographic diversification, increasing its presence in investment-grade economies. Peru, which holds investment-grade sovereign ratings from Moody’s, S&P and Fitch, offers a market of more than 34 million people and an attractive foundation for long-term growth in connectivity and digital services.