European telecoms giants Millicom International Cellular S.A. (OTCPK:MIIC.F) and Telefonica S.A. (BME:TEF) are currently the main potential bidders for the acquisition of Colombian capital Bogot¡'s municipally owned Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. Last week, the municipality said the telco will go on sale in mid-May 2017. It was reported that to date only UNE-Millicom and Telefónica have expressed their intention of doing due diligence on ETB. Bogoti municipality owns 3 billion shares equivalent to 86% of the company,
meaning a potential transaction value of at least approximately $820 million. The sale was approved by the city council last year, but was held up as employee unions opposed the sell-off.