Millicom International Cellular (Tigo) on Monday announced that it has exercised its right to terminate the Share Purchase Agreement (SPA) for the acquisition of Telefónica’s operating subsidiary in Costa Rica in accordance with the terms of the SPA.
Millicom and Telefonica have signed the deal worth USD 570 million more than a year ago, as part of a larger Latin American acquisition by Millicom, that includes mobile and fixed telephony, broadband and pay TV in Guatemala, El Salvador, Costa Rica, Nicaragua and Panama.
According to Millicom, closing of the SPA was conditioned upon the issuance of required regulatory approvals that were agreed by the parties and set forth in the SPA, certain of which have not yet been issued. The SPA establishes an end date of May 1, 2020, after which either party may terminate the agreement, and Millicom has exercised its right to do so.
