Renta 4 | The regulatory authorities in Uruguay have approved the acquisition of Telefónica Uruguay by Millicom.
Telefónica Hispanoamérica S.A., a wholly owned subsidiary of Telefónica, reached an agreement in June with Millicom Spain S.L. to sell its 100% stake in Telefónica Uruguay.
The agreed price was $440 million (approximately €373 million).
Assessment: This news was expected given that Millicom was not present in Uruguay. This transaction confirms the divestment process in HispAm, which has accelerated under the leadership of Marc Murtra. We are still awaiting regulatory approvals for the sales in Ecuador and Colombia.
Target price €4.50. Hold.
