Bustamante Fabara | View firm profile
Quito, Ecuador – November 6, 2025 – BUSTAMANTE FABARA proudly announces that it has acted as Ecuadorian legal counsel to Millicom International Cellular S.A. (“Millicom”, brand “Tigo”) in the USD 380 million acquisition of Telefónica S.A.’s Ecuadorian operations (brand “Movistar”) — a landmark transaction that officially closed on October 30th.
This deal represents a transformative moment for Ecuador’s telecommunications sector, reinforcing Millicom’s regional leadership and digital expansion strategy. With approximately 5 million customers and a 28% market share, Movistar Ecuador constitutes a strategic asset in a dollarized economy with strong growth fundamentals.
The firm’s multidisciplinary team — led by Partner José Rafael Bustamante C., Director Kirina González, and Senior Associate Valentina Morillo — provided comprehensive legal counsel throughout all stages of the transaction, from negotiation and due diligence to regulatory approvals and closing. Looking ahead, BUSTAMANTE FABARA will continue to advise Millicom on post-closing integration and regulatory matters.
This strategic acquisition aligns with broader trends across Latin America, where Telefónica continues to optimize its portfolio by reducing its regional exposure, while Millicom expands its investment in key markets with stable growth prospects.
About BUSTAMANTE FABARA
BUSTAMANTE FABARA is one of Ecuador’s leading law firms, with a strong track record advising on complex financial transactions, cross-border deals, and international projects. With over 120 lawyers and 190 total team members, the firm continues to lead in shaping Ecuador’s legal landscape.
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of March 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
Press contact:
María José Sotomayor Hidalgo
Director of Marketing and Communications
BUSTAMANTE FABARA
Email: [email protected]
Phone: 0989728788