Davis Polk is advising Millicom International Cellular S.A. (Millicom) in connection with the $4.4 billion merger of its Colombian telecommunications business, conducted through Colombia Móvil S.A. (Colombia Móvil), with UNE EPM Telecomunicaciones S.A. (UNE), a subsidiary of Empresas Públicas de Medellín E.S.P. – EPM (EPM). The transaction, which is subject to regulatory approvals and other customary closing conditions, including approval by UNE’s bondholders, is expected to close during the first half of 2014.
Millicom is a leading international telecommunications and media company dedicated to emerging markets in Latin America and Africa, providing mobile communications and data services, cable television, broadband and other related products. Colombia Móvil, 50% of which is owned by Millicom, is a mobile phone company in Colombia with over six million customers. EPM is the largest Colombian public services company and operates in the electricity, natural gas, water, waste management, information technology and telecommunications industries. UNE, 99.99% of which is owned by EPM, is one of the leading providers of fixed broadband, telephony and pay-TV services in Colombia. The combined business is expected to offer a comprehensive range of bundled digital services to millions of households in Colombia, including mobile and fixed telephony, mobile and fixed broadband and pay-TV.
The Davis Polk team includes partner William H. Aaronson, associate Francisco R. Nuñez and foreign temporary associate Efrain Salazar. Partner Neil Barr and associate Avinash Venkatesh are providing tax advice. Counsel Stephen M. Pepper is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.
Brigard & Urrutia Abogados S.A.S. and Uría Menéndez Abogados are advising Millicom on Colombian and Spanish law matters, respectively.
