Press Release

We are proud to have advised Millicom International Cellular S.A. in a multi-stage strategic transaction, for an aggregate value of approximately USD 1,020 million, through which it consolidated its position in the telecommunications market in Colombia.

The operation was structured in three interrelated sections, in which we participated integrally:
 - Acquisition of 100% of EPM's stake in Tigo Colombia, through a process of disposal of state stock ownership under Law 226.
-  Acquisition of 67.5% of Movistar Colombia from Telefónica, through a takeover bid (OPA).
-  Acquisition of the remaining 32.49% of Movistar Colombia from the Nation, also through a process of sale of state shares.

Together, these transactions allowed Millicom to consolidate its control over two of the country's leading operators, in one of the most relevant and transformational operations in the sector in recent years.

Sergio Michelsen, Partner at Brigard Urrutia, said: "In my more than 30 years of activity in this sector, I consider this to be perhaps the most complex and transcendental transaction that has occurred in the telecommunications market in Colombia."

The operation was characterized by its high degree of specialization, involving processes of disposal of state shareholdings under Law 226, public offerings in the stock market and the obtaining of regulatory authorizations of high technical complexity, in an environment that required interaction with multiple authorities and institutional actors.

"This operation reflects a clear trend towards the consolidation of digital infrastructure in Colombia and the region. Having accompanied Millicom in all the sections allowed us to provide a comprehensive vision in a highly complex process, which redefines the competitive dynamics of the sector".

We congratulate the entire team that made this transaction possible.

Sergio Michelsen, Fernando Castillo, Alejandro García de Brigard, Nicolás Cardona, Andrea Camila Cruz Sagbini, Olga M. Mutis O., Daniel Estrada Arana, Natalia Castiblanco Carranza, María Alejandra Rueda,  Natalia Duque, Luis Munarriz.