Millicom acquires Telefónica Ecuador for USD 380 Million, strengthening its South American footprint.

Millicom International Cellular S.A. acquired Telefónica’s telecommunications operations in Ecuador for USD 380 million, strengthening its foothold in South America. This acquisition, completed on October 30, 2025, follows Millicom's earlier purchase of Telefónica Uruguay.

The deal expands Millicom’s operations into Ecuador, which offers a dollarized economy with stability and strong demand for digital services. The country has a population of approximately 18.1 million, predominantly urban, providing a connected consumer base.

Marcelo Benitez, CEO of Millicom, stated, “This acquisition underscores our long-term confidence in Latin America and further consolidates Millicom’s leadership as a premier digital connectivity provider in the region.” He emphasized the firm’s commitment to advancing digital access and economic progress.

This transaction positions Millicom among leading telecommunications groups in Latin America, with a presence in eleven countries. The company continues to invest in networks and services that support individuals, businesses, and governments in a digital environment.

According to the IMF, Ecuador is projected to experience GDP growth of around 1.7% in 2025, with continued positive reviews highlighting low inflation and progress on economic reforms. Ecuador's telecommunications sector is competitive, with a growing demand for mobile and broadband services, driven by urbanization and digital adoption.