Millicom International Cellular SA is a Luxembourgish fixed line and mobile telecommunications services provider operating in Latin America operating under the Tigo brand.[3] Its main shareholder is Xavier Niel, a French billionaire who owns 46% of the company.[4]
As of March 31, 2025, Millicom operating subsidiaries and joint ventures employed more than 14,000 people and provided mobile services to approximately 46 million customers, with a cable footprint of more than 14 million homes passed.[5]
History
Millicom International Cellular SA was established on 14 December 1990, by Shelby Bryan, Jan Stenbeck, Telma Sosa, and Olvin Galdamez, combining the cellular telephone properties owned by Industriförvaltnings AB Kinnevik and Millicom Incorporated.Millicom is headquartered in Luxembourg with a United States corporate office in Miami.Through the Tigo and Tigo Business brands, Millicom provides digital services, including high-speed data, broadband, mobile,
cable TV
, voice and SMS, Mobile Financial Services, and business communications.
Millicom operates in nine Latin American markets, including Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay.[6][7]
After two years of planning, the company began operations when the founders completed a $131,000 share purchase in May 1982. The firm took over paging company Meta Systems in October 1982 and then raised $9 million in its first round of financing, managed by chief executive officer, Orhan Sadik-Khan and Kevin Kimberlin.[8][9][10] Since 92% of the world population had no phone service at the time, Millicom promoted mobile technology on a global basis.[11] To do this, Millicom created joint-ventures with local and strategic partners. On 13 December 1982, a joint-venture with Racal Electronics was awarded a cellular license for the United Kingdom. To enable Millicom to earn its 10% royalty from Racal-Millicom, a controlling shareholder, Stenbeck commissioned a startup with three employees, Technophone, to develop the world's first pocket-sized mobile phone.[12] Highlighting its plans to offer the Voice and Data phone (predecessor to the smartphone), his Racal-Millicom joint-venture was renamed Vodafone.[13]
On 12 October 1983, Millicom Inc. created China Telecom Systems (HK), a joint-venture with partners China Resources Ltd. and Comvik, a Swedish mobile firm also controlled by Jan Stenbeck.[14] China Telecom Systems (HK) held the first cellular telephone contract in China, making its service available to the public on 20 May 1985.[15] In December 1989, Millicom set up Microtel Communications Ltd. by teaming up with Pacific Telesis and British Aerospace (later bought out by Hutchison Telecom.)[16] Microtel was awarded a personal communication network (PCN) license to compete with Vodafone in the United Kingdom, a service launched on 28 April 1994 under its brand name, Orange.[17] This venture was acquired in October 1999, at which time Orange and its new parent, Mannesmann, were in turn both taken over by Vodafone.At a value of $202 billion,[18] the takeover of Mannesmann by Vodafone was the largest transaction in corporate history.[19][20] Orange (formerly Microtel) was then sold to France Telecom, which subsequently changed its corporate name to Orange.[21][22]
To better manage their respective mobile interests, Millicom Inc. combined with Comvik's international cellular operations to become Millicom International Cellular SA in 1990, which now operates under the laws of the Grand Duchy of Luxembourg.[23] In 2000, Millicom started investing in three continents: Asia, Africa, and Latin America. In 2004, Millicom conceptualized the TIGO brand. In 2008, Millicom acquired AMNET for fixed Internet and TV services, leading to the company's formal cable business entrance. Millicom completed the sale of its Asian business segment in 2011 with the sale of Laos.[24][25] It previously operated in Cambodia, India, Indonesia, Pakistan, Philippines, Sri Lanka, and Vietnam. With the sale of its last remaining Asian operation, Millicom shifted its focus to Latin America and Africa.
Millicom launched its first 4G high-speed internet services in Colombia in 2014, followed by Bolivia later in the year, and the remaining markets soon after.In 2014, Millicom launched the TIGO Sports Television channel in Paraguay and Bolivia.[26][27][28][29]
In 2012, Millicom partnered with UNICEF to protect children's rights, later renewing the partnership in 2020 to cover child online protection, and as virtual education gained prominence during the COVID-19 global pandemic. In 2016, Millicom partnered with Microsoft to provide cloud services to its Tigo Business customers in eight markets in Latin America. In 2017, Millicom launched TIGO ONEtv, the first Next Generation TV (NGTV) service for LATAM customers, integrating traditional linear television content with over-the-top platforms, as well as video on-demand. In 2018, Millicom acquired Cable Onda in Panama.[30][31][32][33] In 2019, Millicom expanded its Latin American presence, acquiring subsidiaries of Telefónica in Central America (Panama and Nicaragua).[34][35] In addition, in 2019, Millicom common shares started trading on the Nasdaq Stock Market in the United States under the symbol TIGO.The new listing complemented the company's existing Swedish Depository Receipt (SDR) listing on Nasdaq Stockholm.[36]
In October 2020, Millicom became the first mobile operator in Latin America to introduce Amazon Prime Video Mobile Edition.[37][38]
In April 2021, Millicom partnered with Amazon Web Services to expand and integrate its managed and professional services into its cloud services portfolio in Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, and Colombia.[39][40][41]
That same month, Millicom announced the sale of its operations in Tanzania and for its stake in the AirtelTigo joint venture in Ghana, completing its multi-year plan to divest its African operations and focus on its Latin American markets.[42][43]
In 2023, Apollo Global Management and Marcelo Claure held discussions with Millicom regarding a potential acquisition of all outstanding shares of the company.The discussions have been terminated on 16 June 2023.[44]
At the same time, French billionaire Xavier Niel built a 25.02% stake in Millicom through his company Atlas Investissement,[45] making him the company's main shareholder.Following the acquisition of the stake in the company, three new directors appointed by Atlas Investissement joined the company's board of directors in May 2023:[46] Michaël Golan,[47] former CEO of Iliad, Nicolas Jaeger,[48] CFO of Iliad, and Thomas Reynaud,[49] CEO of Iliad.[50]
In September 2023, former Iliad SA CEO Maxime Lombardini became the company's COO.This appointment introduced a new management style to the group: significant headcount reductions, lower capital expenditure, standardization of network and frequency usage charges.[51]
In March 2025, the Millicom SDR was delisted from Nasdaq Stockholm as the company wanted to consolidate the trading of its shares onto one single exchange, the Nasdaq Stock Market in the United States.[52][53]
In May 2025, Millicom announced a definitive agreement to acquire Telefónica’s operations in Uruguay for USD 440 million, reinforcing its presence in South America and expanding its customer base and spectrum holdings in a market where it already leads in mobile services.[54]
In June 2025, Millicom signed a USD 380 million agreement to acquire Telefónica’s operations in Ecuador, a dollarized economy with a favorable macroeconomic outlook and growing digital ecosystem. The acquisition enhances Millicom’s regional scale and strengthens its long-term growth strategy in Latin America.[55]
Latin America
Guatemala
Millicom has operated in Guatemala since 1990. It owns a 100% equity interest in the operation after acquiring the remaining 45% stake from its local joint venture partner in an $2.2 billion deal in November 2021. The Tigo brand launched in 2004, replacing former national brands COMCEL and Amigo de COMCEL. Tigo Guatemala is the country's largest mobile operator with more than nine million customers and market share of 53.4 percent. Mobile penetration is estimated at 112 percent (as measured by GSMA, 2017) with internet penetration at 27 percent (World Bank, 2015). Tigo also provides mobile financial services through Tigo Money, as well as broadband, cable and business Services.[56]
El Salvador
Millicom provides mobile and cable and other fixed services in El Salvador through Telemovil, which is wholly owned by Millicom. Tigo El Salvador has operated in the country since 1993. It is now the country's largest mobile operator with three million customers and a market share of 37.8 percent (2015). Tigo is also El Salvador's largest broadband and cable service provider and offers satellite DTH services, mobile financial services under the brand Tigo Money, as well as corporate and B2B services. Millicom equity holding is 100 percent. (Q1 2014)
Honduras
Tigo launched in 2004 to replace the former national brand CELTEL. It is now the leading mobile service provider in a country of eight million, with an estimated 4.8 million customers. Its mobile market share is placed at 66 percent. Tigo Honduras also offers broadband, cable, business, satellite, and financial services. Millicom equity holding is 66.7 percent.
Paraguay
Millicom provides mobile and cable and other fixed services in Paraguay through various subsidiaries which it fully owns. Millicom has operated in Paraguay since 1992 and is now the largest mobile operator with 3.8 million subscribers from a population of 6.7 million (World Bank 2012). Tigo Home has become market leader for pay TV and fixed broadband services since its launch in 2014, alongside Millicom's first DTH satellite service. Tigo's mobile market share is 56.4 percent. Tigo Paraguay has exclusive rights to broadcast Paraguay's national league championship games through 2023, and has exclusive sponsorship rights in telecommunications for the Paraguayan National Soccer Team through 2023. Millicom equity holding is 100 percent.
Nicaragua
In 2019, Millicom purchased Telefonía Celular de Nicaragua, S.A. ("Telefonía Nicaragua"), the leading provider of Mobile services in the country, based on the number of subscribers. As of 31 December 2020, Millicom served 3.5 million mobile subscribers in the country through its Tigo brand. Prior to 2019, Millicom had a very small presence in Nicaragua, where it provided mostly B2B fixed services. Since 2018, Tigo Nicaragua Millicom has also provided cable services to a small but rapidly-growing customer base.[57]
Costa Rica
Tigo Costa Rica is the country's leading pay TV operator with more than 30 years of service under different brand names dating back to Millicom's acquisition of Amnet in 2008.
Bolivia
Millicom provides mobile and cable and other fixed services in Bolivia through TELECEL (a native Bolivian brand) which it fully owns and operates under the Tigo brand. Tigo Bolivia is now the second largest mobile operator in Bolivia (population 10.5 million – World Bank 2012) with more than 3.9 million customers. Tigo Bolivia competes with Entel and Nuevatel PCS (under the brand name Viva). Branded services include Tigo Money, Tigo Star and Tigo Sports, Tigo Business and Tigo Smart. In 2014, Bolivia launched Millicom's first satellite DTH service. Millicom equity holding is 100 percent.
Colombia
Tigo Colombia launched in 2006 and is the country’s third-largest mobile service provider, with more than ten million customers. Its services include Tigo Money and UNE internet and broadband, with significant market expansion initiated in 2014 following a Merger Framework Agreement signed in 2013 with UNE EPM Telecomunicaciones, part of the Empresas Públicas de Medellín group. Millicom holds a controlling equity stake of 50 percent plus one share and also has a growing online services and retail portfolio in the country.
In May 2024, Millicom and EPM signed a definitive agreement to merge their respective mobile operations under Tigo, consolidating ownership and simplifying governance. The transaction aims to strengthen Tigo’s market position, improve financial sustainability, and enhance its ability to invest in digital infrastructure and services.[58]
In March 2025, Millicom announced the signing of a definitive agreement with Telefónica to acquire its mobile operations in Colombia, further consolidating its presence in the market. This follows a prior announcement in July 2024 regarding the company’s interest in potential acquisitions. The integration of Telefónica’s assets is expected to enhance network coverage, customer base, and overall competitiveness in Colombia’s mobile sector.[59][60]
Exclusive Channels of Tigo Colombia include Tigo Sports, first launched on 7 April 2014.
Panama
Millicom purchased 80% of Cable Onda, a Panamanian cable TV provider and ISP for US$1460 Million, in October 2018.[61] It phased out the Cable Onda brand in 2020, replacing it with its Tigo brand.In February 2019 Tigo announced the purchase of the Panamanian, Costa Rican and Nicaraguan operations of the Spanish company Telefónica for US$650 Million, US$570 Million, and US$430 Million respectively,[62] totaling US$1650 Million,[63] with Tigo planning to phase out the Movistar brand (operated by Telefónica) from those markets within a year after its purchase.[64] The transaction was completed in August the same year.[65]
As of March 2021, Millicom maintains operations across nine Latin American countries: Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay.
Africa
Millicom (TIGO) previously held operations in Chad, Democratic Republic of the Congo, Ghana, Mauritius, Rwanda, Senegal, Sierra Leone, and Tanzania.[67]
Millicom (TIGO) completed the sale of Sierra Leone in 2009.
Millicom (TIGO) completed the sale of Mauritius in 2014.
Millicom (TIGO) completed the sale of Democratic Republic of the Congo in 2016.[68]
Millicom (TIGO) and Bharti Airtel merged in Ghana to complete AirtelTigo in 2017.[69]
Millicom (TIGO) completed the sale of Rwanda in 2017.[70]
Millicom (TIGO) completed the sale of Chad in 2019.[67]
Millicom (TIGO) completed the sale of Senegal in 2019 to Axian Telecom.
Millicom (TIGO) completed the sale of Tanzania in 2021 to Axian Telecom.[71]
11.Millicom Incorporated, Joint Proxy Statement/Prospectus, filed with the Securities and Exchange Commission, 20 September 1982^
12.Hultén, Stephan and Mölleryd, Bengt, "Entrepreneurs, Innovations and Market Processes in the Evolution of the Swedish Mobile Telecommunications Industry," Paper presented at the Eighth International Joseph A. Schumpeter Society Conference, 28 June – 1 July 2000.^
13.Merriden, Trevor, "Rollercoaster, the Turbulent Life and Times of Vodafone and Chris Gent," Capstone Publishing, 2003. page 21.^
14.Baran, Paul, "China Telecom Joint Venture with the PRC Put On Hold," Hong Kong Standard, 30 October 1985, page 1.^
15.Robinson, Peter; "Mobile Cellular Radio Phones to be Introduced," New China Morning Post, 20 May 1985, page 2.^
16."History of Cellular Services". licensing.ofcom.org.uk.^
17."The Facts : 2004". na.baesystems.com. p. 107.^
18."Vodafone seals Mannesmann merger". BBC. 11 February 2000.^
19.Monaghan, Angela; "The 10 biggest deals: how Vodafone's sale of its Verizon stake would compare." The Guardian, 2 September 2013.^
20.Holliday, Katie: "The 10 largest M&A deals of all time" Investment Week, 8 February 2012^
21."France Telecom buys Orange for $37 bn". The Financial Express. 30 May 2000. Retrieved 9 June 2012.^
22."France Telecom clinches Orange deal". BBC. 30 May 2000. Retrieved 9 June 2012.^
It is the country’s second sports channel, with broadcasting rights that include: Categoria Primera C (seven games per match day), Copa Colombia (three matches per round), Premier League (up to six games per match day), and Super League Greece (four games per match day).
