Millicom expands with Lat Am deal

Luxembourg-based telecoms outfit Millicom is set to expand its Latin American interests after agreeing to buy a Paraguayan cable platform.

Millicom will acquire TV Cable Paraná, which operates in Ciudad del Este, Paraguay’s second largest city. It offers national and international channels such as Animal Planet, National Geographic Channel and Fox Sports, as well as Disney Channel and Cartoon Network.

The deal, which remains subject to regulatory approval, will see Millicom expand on its Tigo Star service, which already provides pay TV and broadband across the country.

Millicom CEO Mauricio Ramos said the acquisition “is an example of an investment that adds value to our core business, adding that it will create synergies with its existing business in Paraguay.