Million cancels acquisition of Telefonica Costa Rica


Swedish telecom giant, Millicom International Cellular S.A., has announced today that it has exercised its right to terminate the Share Purchase Agreement (SPA) for the acquisition of Telefónica’s operating subsidiary in Costa Rica in accordance with the terms of the SPA.

“It would be recalled that the telecom giant communicated on April 29, 2020, that the closing of the SPA was conditioned upon the issuance of required regulatory approvals that were agreed by the parties and set forth in the SPA, certain of which have not yet been issued.

The SPA establishes an end date of May 1, 2020, after which either party may terminate the agreement, and Millicom has exercised its right to do so,” the statement said.

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