Telefónica exits Uruguay in $440m Millicom deal 

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The move marks another step in the company’s Latin American retreat 

Telefónica has agreed to sell its entire stake in Telefónica Móviles del Uruguay to Millicom for $440 million, continuing its withdrawal from Latin America. 

The company confirmed the agreement in a regulatory filing this week, stating that Millicom Spain will acquire 100% of its Uruguayan mobile business, which operates under the Movistar brand.  

The deal remains subject to typical regulatory approvals but is not expected to face objections.  

Movistar is Uruguay’s second-largest mobile operator, accounting for nearly 29% of country’s total mobile usage. 

The sale is part of Telefónica’s broader plan to streamline operations and focus on investment in 5G and digital infrastructure in key markets, core markets, Spain, Brazil, Germany, and the UK, as well as tackling its €26 billion debt pile. The company has exited several Latin American markets this year, selling assets in El Salvador, Argentina, Peru, and Colombia, and merging operations in others.  

It is also currently exploring options to divest its Chilean unit. 

For Millicom, which operates under the Tigo brand across Latin America, the acquisition strengthens its presence in the region and aligns with its ambition to expand into more markets. 

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Author: Ernestro Casas -

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