In its Q3 2019 results report presentation, Millicom (Tigo) highlighted its growth in Central America and the acquisitions of Telefonica in Nicaragua and Panama, which increased the company’s revenues by 10.8%, and the growth of its HFC clients in Latin America.
‘The third quarter of 2019 marked several important milestones for Millicom. First, we strengthened our position as the leading telecommunications operator in Panama by closing our acquisition of the largest mobile operator in the country. Second, we added a record 99,000 customer relationships to our HFC network’, commented Mauricio Ramos, CEO at Millicom.
According to the company’s Q3 results report, on its residential business, Millicom expanded its network to cover an additional 203 thousand net homes, including 255 thousand on its HFC network, mostly in Bolivia and Colombia. Meanwhile, the company added 99 thousand HFC customer relationship net additions in the quarter, as it was previously reported by Ramos. In Bolivia, customers on our HFC network increased slightly to more than 60%. Millicom has also reported that the highest of the quarter in Panama was closing the acquisition of Telefonica’s operations on August 29th, which positions Tigo as the leader in Panama’s telecommunications market, and mentioned that the company is on track to close the previously-announced acquisition of Telefonica in Costa Rica during Q4. The operation was approved by the Costa Rican Telecommunications Superintendence (Sutel), in September.