Liberty Latin America announced the cancellation of talks with Millicom about a potential acquisition a week after news of a deal first surfaced.
In a statement announcing the termination of “conversations with Millicom regarding a potential transaction” Liberty Latin America said it will instead focus on an existing growth strategy based on providing “market leading products and services” to customers.
The tie-up would have created one the largest converged operators in the Americas.
While Liberty Latin America offered no explanation, Bloomberg reported Millicom’s management was reluctant to deal due to the former’s debt levels and stock price.
Bloomberg noted Swedish investment company Kinnevik, Millicom’s top shareholder, was on board with the potential transaction, which would have valued the operator at around $7.6 billion.Subscribe to our daily newsletter Back