Millicom
Millicom is a Luxembourg-based Latin American telecommunications company operating under the Tigo brand across 10 countries, providing mobile, fixed-line, internet, and TV services to consumers and enterprises while consolidating regional telecom assets through major acquisitions.
- Company typePublic
- Founded1992
- HeadquartersDoral, United States
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
What Millicom does
Millicom is a Luxembourg-headquartered telecommunications company operating under the Tigo brand across Latin American markets, providing mobile, fixed-line, internet, and subscription TV services to consumers and enterprises. Founded in 1992 and publicly traded on NASDAQ under ticker TIGO, the company serves at least 10 countries including Colombia, Honduras, Chile, Uruguay, Ecuador, Guatemala, El Salvador, Nicaragua, Costa Rica, and Panama, with 10,000+ employees. Millicom operates a subscription-based recurring revenue model with Q4 2025 revenue of $1.7 billion, up 15.7% year-over-year, and full-year 2025 equity free cash flow of $916 million exceeding its $750 million target.
The company is executing an aggressive regional consolidation strategy, completing multiple acquisitions of Telefonica's Latin American operations in 2025-2026 totaling approximately $2.8 billion, including Tigo Colombia from EPM ($571M), 67.5% of Coltel/Movistar Colombia from Telefonica ($214M, with the remaining 32.5% acquired from the Colombian government for $856 billion COP in April 2026), and Telefonica's Chilean operations with NJJ Holding ($1.2B). Underlying technology includes 5G networks, AI-native network solutions deployed through the ZTE partnership across Chile, Ecuador, Bolivia, Brazil, and Peru, and the TAM-1 submarine cable infrastructure spanning approximately 7,000 kilometers with at least 18 Tbps per fiber pair capacity via partnership with TAFS. The company is ramping capital expenditure to a US$1 billion cycle to support 5G and network expansion across its Latin American footprint.
Millicom's go-to-market combines direct enterprise field sales, branded retail operations under the Tigo name, and content-driven subscriber acquisition through Tigo Sports (Premier League, UEFA Europa League, Bundesliga, FIFA World Cup 2026 coverage via FOX Latin America partnership). The company is transitioning from connectivity provider to digital lifestyle enabler, with strategic capital recycling demonstrated by the $975 million Lati tower divestiture to SBA Communications covering 7,000 Central American towers. Q4 2025 operating profit reached $469 million and net profit attributable to company owners reached $252 million, with the 2026 EFCF target set at least $900 million and shareholder returns enabled through a USD 3 per share dividend and share repurchase plan approved at the Luxembourg AGM.
Millicom firmographics
Firmographics- Name
- Millicom
- Legal name
- Millicom
- Website
- https://millicom.com
- Company type
- Public
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Millicom is a Luxembourg-based Latin American telecommunications company operating under the Tigo brand across 10 countries, providing mobile, fixed-line, internet, and TV services to consumers and enterprises while consolidating regional telecom assets through major acquisitions.
- Ownership category
- akta.pro rank
Millicom industry classification
Industry- Product category
- Telecommunications Services
- NAICS
- Wireless Telecommunications Carriers (except Satellite) (517112)
- akta.pro primary industry
- Consumer Mobile Network Operators (Retail MNOs) (HDAIAAAA)
- akta.pro secondary industries
- Fixed Wireless Access (FWA) Mobile Operators (HDAIAAAG), Network Engineering, Integration & Field Deployment Services (Design, Build, Test) (EUADAIAM), Cable MSOs (Hybrid Fiber-Coax) (MPABAGAA)
Keywords
Where Millicom is headquartered
LocationHeadquarters
- HQ city
- Doral
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Millicom business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Telecommunications Services: Millicom generates revenue through mobile, internet, and TV services operating under the Tigo brand across Latin America. The company reported Q4 2025 revenue of $1.7 billion, up 15.7% year-over-year.
- Network Infrastructure Services: Millicom generates revenue from tower and network infrastructure services. The company completed a tower sale to SBA Communications for approximately $975 million while maintaining network operations.
Go-to-market motion3 records
Distribution channels2 records
Marketing channels1 record
Millicom product offering
Product offeringCore offering
Millicom provides fixed and mobile telecommunications and related digital services in Latin American markets, operating under the Tigo brand. The company delivers mobile, internet, TV, and digital content services across countries including Colombia, Honduras, Chile, and Central America, supported by its own network infrastructure, 5G deployment, and international submarine cable capacity.
Product overview
Millicom operates as a Latin American telecommunications company under the Tigo brand, offering mobile, fixed-line, internet, and digital services across multiple countries. Following recent acquisitions of Telefónica's operations in Colombia and Chile, plus the Tigo-UNE fiber network from EPM, the company has consolidated the market through integration of Tigo and Movistar brands. The product portfolio includes consumer mobile and broadband services, enterprise solutions, sports content (Tigo Sports), mobile financial services, and international connectivity via the TAM-1 submarine cable infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- Tigo Mobile and Broadband Services
Quantifiable outcome
- Q4 2025 revenue of $1.7 billion, up 15.7% year-over-year
- +4 more outcomes
Companies that use Millicom
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Millicom technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Millicom partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, flagship and minor.
- ZTE CorporationcoreZTE Corporation partners with Millicom in Chile for AI-native network solutions and Qcell indoor coverage deployment. ZTE showcases 5G technology achieving 20% higher cell throughput and 38% lower energy consumption, with over 37,000 AAU and RRU units deployed across Chile, Ecuador, Bolivia, Brazil, and Peru. This partnership helps Millicom transition from connectivity provider to digital economy enabler.
- Trans Americas Fiber System (TAFS)coreMillicom signed a long-term commercial agreement with TAFS to expand international network capacity across Central America using the TAM-1 submarine cable project. The TAM-1 system spans approximately 7,000 kilometers connecting the United States, Eastern Caribbean, Central America, and South America, with each fiber pair supporting at least 18 Tbps of capacity. The partnership provides route diversity, redundancy, and scalable capacity for growing data demand.
- FOX Latin AmericaflagshipFOX Latin America acquired Tigo Sports' local sports content, production capabilities, and on-air talent across Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, and Panama. Tigo Central America customers gain access to Premier League, UEFA Europa League, Bundesliga, Saudi Pro League, Liga MX, over 800 live events annually, and full FIFA World Cup 2026 coverage. FOX plans to launch four new channels in the region in May 2026.
- Honduran Institute of Education by RadiominorTigo Honduras announced a cooperation agreement with the Honduran Institute of Education by Radio to provide free connectivity to over 33,000 students, supporting digital inclusion and educational access.
- Celtel Chile (Joint Venture)coreMillicom acquired Telefónica Móviles Chile through its joint venture Celtel Chile for $50 million cash plus up to $150 million earn-out, expanding operations in Chile.
- SBA CommunicationscoreSBA Communications completed the acquisition of over 7,000 towers from Millicom in Central America for approximately $975 million, representing a strategic tower sale-leaseback arrangement that provides Millicom with capital while maintaining network access.
Scale indicators16 records
Recent moves7 records
Expansion highlights6 records
Millicom competitors and assessment
Company assessmentBroad incumbents
- Vodafone: Vodafone is a global incumbent telecom operator with mobile, fixed, and digital service lines. Comparable to Millicom as a multi-country telecom operator with comparable 5G capex cycles, content partnership strategies, and consumer/enterprise segment splits, though Vodafone's geography and scale differ.
- AT&T: AT&T is a global incumbent wireless and fixed-line carrier. It is a broad incumbent comparable to Millicom in core mobile network operations, 5G deployment economics, and consumer/enterprise telecom service bundles, though AT&T operates primarily in the US and Mexico rather than Millicom's deeper Latin American footprint.
- Telefónica: Telefónica is a global telecom incumbent that divested its Colombia, Chile, Uruguay, and Ecuador mobile operations to Millicom in 2025-2026. It remains a broad incumbent comparable to Millicom as a multi-country telecom operator with overlapping mobile, fixed, and digital services business, though Telefónica is larger and more geographically diversified.
Direct peers
- Entel (Chile/Peru): Entel is a leading mobile and fixed-line operator in Chile and Peru with a comparable consumer + enterprise telecom model. It is a direct competitor to Millicom's Tigo brand in Chile and competes for the same 5G capex, content rights, and enterprise customer base.
- América Móvil: América Móvil is the largest wireless carrier in Latin America, operating the Claro brand across most countries where Millicom operates Tigo. It is the most direct peer given overlapping mobile, fixed, and Pay-TV footprints in Colombia, Honduras, Central America, and Chile, and a comparable consumer + enterprise telecom business model.
- Liberty Latin America: Liberty Latin America operates Cable & Wireless and Flow-branded fixed/mobile services across the Caribbean and parts of Central/South America. It competes head-to-head with Tigo in several Central American markets and shares a hybrid cable + mobile + broadband operating model with Millicom.
Regional players
- Digicel: Digicel is a mobile-focused operator across the Caribbean and parts of Central America. While smaller and primarily Caribbean-focused, it competes with Millicom in Central American mobile markets and shares the wireless carrier business model with similar target demographics.
- Grupo ICE (Costa Rica): Grupo ICE is the state-owned telecom operator in Costa Rica offering mobile, fixed, and broadband services. It is a regional peer comparable to Millicom's Tigo operations in Costa Rica and shares the consumer + enterprise telecom model across a similar Central American geography.
Others
- Hispasat: Hispasat is a satellite and submarine cable operator serving Latin America and other regions. Comparable as an ecosystem participant providing international connectivity infrastructure that complements Millicom's TAM-1 submarine cable partnership and supports wholesale data services in Millicom's markets.
- SBA Communications: SBA Communications is one of the largest independent tower operators in the Americas and acquired Millicom's Lati tower portfolio for approximately $975 million in a sale-leaseback. It is an ecosystem participant that owns infrastructure critical to Millicom's network and is directly tied to Millicom's tower capital-recycling strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Millicom social profiles
Digital presenceMillicom financial estimates
Financial estimateRevenue estimate
Valuation estimate
Millicom leadership team
Management profileNumber of profiles
Profiles1 record
Millicom subsidiaries and ownership
Company hierarchySubsidiaries7 records
Millicom funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Millicom M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Millicom
What does Millicom do?
Millicom provides fixed and mobile telecommunications and related digital services in Latin American markets, operating under the Tigo brand. The company delivers mobile, internet, TV, and digital content services across countries including Colombia, Honduras, Chile, and Central America, supported by its own network infrastructure, 5G deployment, and international submarine cable capacity.
Is Millicom a public or private company?
Millicom is a public company. It is classified as public and is currently operating.
When was Millicom founded?
Millicom was founded in 1992. It employs 5,001 to 10,000 people.
Where is Millicom based?
Millicom is headquartered in Doral, United States, in the North America region.
How does Millicom make money?
Two revenue lines are on record. Telecommunications Services are the primary driver. The others are network Infrastructure Services.
Who are Millicom's main competitors?
Broad incumbents on record are Vodafone, AT&T and Telefónica. Direct peers are Entel (Chile/Peru), América Móvil and Liberty Latin America. Regional players are Digicel and Grupo ICE (Costa Rica). Others are Hispasat and SBA Communications.
Does Millicom have an API?
No public API is recorded for Millicom.
What industry is Millicom in?
Millicom's product category is Telecommunications Services. Its primary akta.pro industry code is HDAIAAAA, Consumer Mobile Network Operators (Retail MNOs), with a secondary code of HDAIAAAG, Fixed Wireless Access (FWA) Mobile Operators. Its NAICS code is 517112.