Davis Polk is advising Millicom on its acquisition of a controlling 80% stake in Cable Onda, the largest cable and fixed telecommunications services provider in Panama, at an enterprise value of $1.460 billion. The transaction, which is subject to customary closing conditions and consent from Cable Onda's bondholders, is expected to close by the end of 2018.
Millicom is a leading provider of cable and mobile services dedicated to emerging markets in Latin America and Africa. Cable Onda is the leader in Panama's broadband internet, pay-TV, fixed telephony and B2B telecommunications markets, serving more than 500,000 customers.
The Davis Polk corporate team includes partner William H. Aaronson and associates Laura C. Turano and Camila Panama. Partner William A. Curran is providing tax advice. Counsel Ron M. Aizen and associate Christie Michelle Falco are providing executive compensation advice. Counsel Susan D. Kennedy and associate Kimberly F. Wachtler are providing real estate advice. Partner Pritesh P. Shah and associate Tilak Koilvaram are providing intellectual property and technology advice. All members of the Davis Polk team are based in the New York office.