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Spanish telecommunications company Telefónica believes it has sold its business in Costa Rica to Luxembourg-based Millicom. Now Millicom says he wants to retire from the billionaire business. Stock Photography.
Millicom International Cellular is backing down the plans to buy the operations of the Spanish telecommunications operator Telefónica in Costa Rica. The deal is estimated to be worth approximately $ 570 million, about SEK 5.6 billion.
Telecommunications giant Millicom, which is based in Luxembourg, states that Telefónica did not obtain government approval of the deal before May 1, giving Millicom the right to withdraw from the purchase.
Telefónica responds that the requirements of the agreement have been met and that a lawsuit is waiting for Millicom to withdraw.
The agreement in Costa Rica was part of a major agreement on operations in Central America, an agreement worth SEK 16.2 billion. The agreement was terminated in February of last year. Telefónica sells because the company wants to concentrate its operations in Spain, the United Kingdom, Brazil and Germany.
Swedish investment company Kinnevik, the electric company Stenbecksphere, was until December last year a major owner of Millicom.
