After the acquisition of Cable Onda, the leading cable operator in Panama, and Movistar, the leading mobile operator in the country, Millicom is placed as a leader in the telecommunications market in Panama and Central America. As the company officially reported, Cable Onda serves more than 350 thousand residential customers and is the largest B2B fixed telecommunications services provider, and Movistar adds 1.6 million mobile subscribers to its customer base.
‘It is a great step in our growing process. We officially welcomed Movistar team to become the mobile market leader in Panama. Together with our dedicated team on Cable Onda, we are better positioned to provide Panamanians with the high quality fixed and mobile services they expect. I trust on our long-term growth opportunity in Panama and Central America. Our significant investments confirms our commitment and contribution to help maintain strong economic growth in the region for the coming years’, said Mauricio Ramos, CEO at Millicom.
The company has invested more than USD 2 billion in Panama during the past year with Cable Onda and Movistar acquisitions. Over the next five years, Tigo plans to invest around USD 750 million for state-of-the-art network infrastructure, cutting-edge data centers, spectrum and other services. In addition, with the acquisition of Telefónica’s operations in Nicaragua, Costa Rica and Panama, Tigo becomes the only convergent operator in the nine Latin American markets. The company has completed its acquisitions in Nicaragua and Panama, and is about to complete the Costa Rican operation too.