Accelerating cable expansion
CEO Mauricio Ramos: “Our strategic focus on 4G and cable network deployment continued to deliver solid organic growth in Q3, and this leaves us well on track to meet our goals for the year. I am particularly pleased to see that our Latam Home unit sustained growth of more than 12% for a second consecutive quarter, thanks to impressive growth in developing cable markets such as Bolivia and Guatemala, as well as solid performance in Colombia. It should be increasingly clear for you that our strategy is working in Colombia, and we are starting to see this reflected in revenue and EBITDA growth in the country. Our solid organic growth is also generating healthy cash flow and providing us with the financial capacity that allowed us to capitalize on the opportunity to acquire Cable Onda, the premier cable asset in Latam. This acquisition fits perfectly with our strategy: it accelerates our expansion into cable, it completes our footprint in Central America, and it gives us a strong market leadership position in Panama, a fast-growing, dollarized, and investment grade economy. Subject to closing planned for Q4, I look forward to reporting on the performance of our new operations in Panama in early 2019.” (See Q3 Earnings Release)
Spotlight on our markets
This latest in our series of quarterly results videos looks at Millicom's acquisition during Q3 of Panama's leading telecommunications company Cable Onda. According to Millicom CEO Mauricio Ramos: "Panama has wonderful resources. It is credit-rated for investment. It geographically completes the footprint of Tigo/Millicom in the region. It has a growing middle-class of fundamental importance that is ambitious, talented and professionally highly trained. A young demographic base that wants broadband, watches pay-TV. It’s a healthy, hardworking economy. That is what Panama means to us."
Also see: (Q2 2018, Great Place to Work Latin America), (Q1 2018) Bolivia, (Q4 2017) Latam Cable, (Q3 2017) Paraguay, and (Q2 2017) El Salvador.
(Dur 06:30m) CEO Mauricio Ramos's address to all Cable Onda employees following official news of the acquisition.
(Dur 01:30m) Millicom's public announcement of its controlling 80% stake in Cable Onda, the largest cable and fixed telecommunications services provider in Panama, Latin America’s fastest-growing economy.