Cleary Gottlieb represented Cable Onda in the sale of a controlling 80 percent stake to Millicom International Cellular (Millicom).
The deal was signed on October 7, 2018, and closed on December 13, 2018.
The transaction values 100 percent of Cable Onda at an enterprise value of $1.46 billion, with cash consideration of approximately $1 billion. The selling shareholders retain a 20 percent equity stake in the company.
Cable Onda is the leader in Panama’s broadband internet, pay-TV, fixed telephony, and B2B telecommunications markets, serving more than 500,000 customers using mostly its state-of-the-art hybrid fibre-coaxial (HFC) network. It is based in Panama City, Panama.
Millicom provides cable and mobile services in Latin America and Africa. It offers mobile services to approximately 53 million customers; pay-TV and broadband services; and a range of digital services, including high-speed data, cable TV, voice and SMS, mobile financial services, and business solutions. Millicom is headquartered in Luxembourg City, Luxembourg.