Report
Allan C. Nichols
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Millicom Agrees to Acquire Telefonica’s Operations in Panama, Costa Rica, and Nicaragua

Millicom announced on Feb. 20 that it agreed to acquire Telefonica’s operations in Panama, Costa Rica, and Nicaragua for $1.65 billion, or 6.8 times 2018 EBITDA. Strategically, we believe this is a great acquisition at a fair price. These are the three countries where Millicom was a fixed-line telecom operator only, and Telefonica’s assets are all wireless, making Millicom a converged operator in all of its Latin American operations. Telefonica is the largest operator in Panama and Nicaragua, an...
Underlying
Telefonica S.A. ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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