Overview

• The agreement covers the sale of 100% of Telefónica’s shares in Otecel, its Ecuadorian subsidiary.
• Millicom Spain will pay $380 million for the transaction, as disclosed to Spain’s CNMV.
• Otecel serves around five million customers and holds roughly 28% of Ecuador’s telecom market.
• The deal joins divestments in Colombia and Uruguay that are also awaiting approval from local regulators.
• This sale builds on Telefónica’s earlier exits from Argentina, Peru, Uruguay and Colombia to curb its Latin American exposure.