Cable Onda’s $1.46 Billion Sale to Millicom

October 9, 2018

Cleary Gottlieb is representing Cable Onda in the sale of a controlling 80 percent stake to Millicom International Cellular (Millicom).

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 will retain a 20 percent equity stake in the company.

The transaction is subject to customary closing conditions and consent from Cable Onda’s bondholders and is expected to close by year-end 2018.

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.