Latham & Watkins Advises Telefónica on Closing Sale of Colombia Telecom Coltel to Millicom

Telefónica has announced it has successfully concluded the sale of its controlling 67.5% equity stake in Colombia Telecomunicaciones S.A. E.S.P (Coltel) to Millicom Colombia Holding SAS. The closing follows the successful completion of Millicom’s public tender offer for the acquisition of Telefónica’s shares in Coltel.

The transaction was named “M&A Deal of the Year” by the Legal 500 Colombia Awards 2026.

Latham has advised Telefónica on numerous recent telecommunications, mergers and acquisitions, and financing transactions in Latin America. Latham represented Telefónica in its US$1.245 billion sale of its Argentina operations, its completed US$440 million sale of Telefónica Móviles del Uruguay S.A., its completed US$380 million sale of Telefónica Ecuador, as well as other transactions in Chile, El Salvador, Guatemala, Nicaragua, Panama, and Costa Rica.

Latham & Watkins LLP represented Telefónica in the transaction with a deal team led by Latin America Practice partners Tony Del Pino, Carlos Ardila, and Ignacio Pallarés, with associates Mapi Villanueva, Francisco Lanusse, and Catalina Ucros Tellez. Advice was provided on tax matters by partner Jordi Domínguez and Juan Rodriguez; and on intellectual property matters by partner Jeffrey Tochner, with associate Sebastian Moss.