Millicom investing $3bn to expand mobile & broadband offerings in Central America

Photo by Manuel

11th February 2022

Millicom, a publicly traded multinational telecommunications conglomerate, has announced that it will invest $3bn across Central America over the next three years. It is already the “leading mobile company” in the region, having made $5bn worth of acquisitions over the last three years. As reported in our 19 November issue, in November, Millicom bought out its partner in Guatemala, Miffin Associations, for $2.2bn, which is the country’s “largest ever single foreign investment” to date. According to the Financial Times, the company “has 44mn mobile customers and 4mn home broadband customers, and the $3bn will primarily be spent on upgrading infrastructure and expanding the existing business.” “We’re definitely the largest European and American investor in those markets,” Mauricio Ramos, Millicom’s Chief Executive, told the FT, in relation to Central America. “Our basic premise is these are growing economies, very stable [foreign exchange], significantly underpinned by an increasing amount of remittances.” 

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