UNE EPM Telecomunicaciones S.A. agreed to acquire an additional 24.99% stake in Colombia Móvil S.A E.S.P. from Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. (BVC:ETB) and Compania Colombiana De Servicios De Valor Agregado Y Telematicos Colvatel S A E for $240 million on November 12, 2013. The offer per share is $22.2 per share. Prior to the agreement, UNE EPM Telecomunicaciones S.A. and ETB each held a 24.99% stake in Tigo Colombia and post completion, UNE EPM Telecomunicaciones S.A. will hold 49.98% stake in Tigo. The acquisition has already been approved by the Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. board and is expected to close following the completion of the merger between UNE EPM and Tigo Colombia, which could receive all the necessary regulatory authorizations by May 2014. Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. plans to use the net proceeds from the sale to launch 4G services. As of April 15, 2014, the transaction received approval from the competition authority SIC. The companies will have eight months to inform ICT ministry Mintic and SIC regarding the spectrum blocks which will be returned, and a further 28 months to complete the spectrum return. Failure to do so could result in cancelation of the merger approval and fines of up to 61.6 billion pesos ($31.8 million) for each of the companies involved and 1.23 billion pesos for individuals found to be infringing on compliance with the conditions. UNE and Tigo have agreed the terms of the merger deal, but this is subject to regulatory approval, including from corporations, consumer, competition, financial and television authorities. As on August 4, 2014, the deal has been approved by financial authority and is expected to close in near future. The completion is dependent on government approval of the merger of UNE and Millicom.

MBA Lazard acted as financial advisor for UNE EPM Telecomunicaciones S.A. and BNP Paribas SA acted as financial advisor for Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. Davis Polk & Wardwell acted as a legal advisor to Millicom International Cellular S.A.

UNE EPM Telecomunicaciones S.A. completed the acquisition of an additional 24.99% stake in Colombia Móvil S.A E.S.P. from Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. (BVC:ETB) and Compania Colombiana De Servicios De Valor Agregado Y Telematicos Colvatel S A E on August 13, 2014.