Millicom sweeps up Telefonica operations in Central America

Millicom, known for its Tigo brand, has swept up the mobile operations of Spain's Telefónica  in Costa Rica, Panama and Nicaragua in exchange for $1.65 billion.

The transaction has to be authorized by the regulators of each market. the deals are expected to be closed during the second half of this year.

In Costa Rica alone, Telefónica has 8.7 clients. It should also be noted that Millicom controls cable networks in all three countries.

In January, Telefónica agreed to buy Telefonica's operations in Guatemala and El Salvador. Yesterday's deals complete the remainder of Central America.