Millicom Spain has acquired Otecel S.A., the parent company of Movistar and Tuenti, for $380 million, marking Tigo's entry into the Ecuadorian telecommunications market.

Target Information

On September 18, 2025, a significant milestone was reached in the telecommunications sector of Ecuador when the Superintendence of Economic Competition (SCE) approved the acquisition of Otecel S.A., the parent company of Movistar and Tuenti, by Millicom Spain S.L., a subsidiary of the multinational group Millicom (Tigo). With a transaction valued at $380 million, this acquisition marks Tigo's official entry into the Ecuadorian market, expanding its presence in Latin America, where it already operates in countries such as Colombia, Paraguay, Bolivia, Panama, and Costa Rica.

The SCE's approval was granted after confirming that the transaction does not disrupt the structure of the relevant markets, namely Advanced Mobile Services (SMA), Internet Access Services (SAI), and Carrier Services (SP). As a result, this acquisition poses no risks of market concentration that could harm competition or consumer interests.

Industry Overview in Ecuador

Ecuador's telecommunications industry is currently characterized by a competitive landscape with several key players vying for market share. The entry of Millicom, under the Tigo brand, is expected to invigorate the sector by providing increased investment