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tigo MILLICOM THE DIGITAL LIFESTYLE Source : Millicom International Cellular S.A. November 11 , 2021 19:45 ET Millicom ( Tigo ) to acquire full control of Tigo Guatemala Millicom ( Tigo ) to acquire full control of Tigo Guatemala Luxembourg , November 12 , 2021 - Millicom announced today that it has signed an agreement to acquire the remaining 45 % equity interest in its joint venture businesses in Guatemala ( collectively , " Tigo Guatemala " ) from our local partner for $ 2.2 billion in cash . The transaction was signed today and is expected to close later today . As a result , Millicom will own a 100 % equity interest in Tigo Guatemala . The transaction is expected to be significantly and immediately accretive to Millicom's cash flow and net income and to increase Millicom's equity free cash flow 1 by approximately $ 200 million before incremental financing costs . Bridge financing to fund the transaction is being provided by a group of leading international banks . Millicom intends to refinance the bridge with the planned issuance of approximately $ 1.5 billion of new long - term debt , and approximately $ 750 million of new equity via a rights offering² expected for Q1 2022. Giving effect to the transaction and the planned equity offering , Millicom's leverage¹ is expected to be approximately 3.1x in Q1 2022 and to continue to decline thereafter towards the company's leverage target of 2.0x . With this transaction , Millicom consolidates its position as the leading telecommunication service provider in Central America . Millicom CEO Mauricio Ramos said : “ We are delighted to have signed this agreement to consolidate a 100 % ownership position in Tigo Guatemala , one of our most successful businesses . The transaction is right in line with our stated inorganic capital allocation strategy , which includes the acquisition of the remaining minority interests owned by third parties in our operations , when those transactions can be executed in an accretive manner . " " We thank our partners for their important role developing Tigo Guatemala and for the support for this transaction . For Millicom , this new investment reflects our continued confidence in the thriving economy of Guatemala and our renewed commitment to the digital transformation of its society . Hand in hand with the vision and strong commitment of our team of more than 3,100 employees in the country , we will continue to build the digital highways that connect people , improve lives , and develop communities all throughout Guatemala , " Ramos added . He finished by saying that : “ With this transaction , we will transform the financial profile of Millicom , significantly increase our cash flow and net income and greatly simplify our structure . " About Tigo Guatemala As of September 30 , 2021 , Tigo Guatemala was the leading mobile player with 11.6 million subscribers , the leading broadband internet provider with 392,000 subscribers , and the second largest pay TV provider with 567,000 customers . Tigo Guatemala is the most profitable business within the Millicom Group , with an EBITDA margin above 51 % . In addition , Tigo Guatemala also owns extensive infrastructure assets , including approximately 4,400 towers , two tier 3 data centers , and more than 21,000 km of fiber . In 2020 , Tigo Guatemala revenue grew 4.8 % to $ 1.5 billion , EBITDA rose 4.0 % to $ 778 million , operating cash flow ( " OCF " ) increased 3.9 % to $ 597 million , and equity free cash flow after leases ( " EFCF ” ) was $ 360 million . Based on its robust financial and operating performance in the first nine months of 2021 , Tigo Guatemala's financial targets³ for full year 2021 are : • Revenue of about $ 1.6 billion , up 6 % year - over - year ; • EBITDA of $ 850 million , implying an EBITDA margin of 53 % and growth of 9 % ; • OCF ( EBITDA less Capex ) of $ 650 million , implying an OCF margin of 41 % and growth of 9 % ;