Liberty Latin America, Millicom to combine operations in Costa Rica

Liberty Latin America (LILA) and Millicom (TIGO) announced that the parties have entered into an agreement to combine the companies’ respective operations in Costa Rica. Under the terms of the all-stock agreement, Liberty Latin America and its minority partner in Costa Rica will hold an approximate 86% interest and Millicom 14% in the joint operations, with the final ownership percentage confirmed at closing. As of December 31, 2023, the combined operations had adjusted OIBDA of approximately $255M, more than 440,000 broadband subscribers, and net debt of $533M. The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the second half of 2025.