Millicom International Cellular S.A. and NJJ have completed the joint acquisition of Telefonica’s Chilean operations, with NJJ holding a 51% stake and Millicom 49%. Telefonica will receive an initial payment of $50 million, with the possibility of up to $150 million in additional earn-out consideration based on structural value creation. The acquired business will be managed through a jointly controlled vehicle and will not be consolidated into Millicom’s financial statements during the period of joint ownership. Millicom retains an option to acquire NJJ’s stake in the fifth and sixth years following closing at a 10% discount to its trading multiples, while NJJ holds a later option to acquire Millicom’s stake under the same terms if Millicom does not exercise its option. The transaction aims to strengthen Millicom’s presence in South America and drive operational improvements and network investment in the Chilean market.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Millicom International Cellular SA published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW1001163973-en) on February 10, 2026, and is solely responsible for the information contained therein.