MILLICOM INTERNATIONAL CELLULAR SA Business Summary

Millicom International Cellular SA, operating under the Tigo brand, is a leading provider of fixed and mobile telecommunications services primarily focused on emerging markets in Latin America. The company employs a multi-faceted revenue model driven by recurring subscription fees for mobile (prepaid and postpaid), high-speed cable broadband, and pay-TV services, alongside transaction-based income from its Tigo Money mobile financial services platform. Millicom is strategically pivoting toward high-margin business-to-business (B2B) digital solutions, including cloud computing, cybersecurity, and SD-WAN, which have seen significant double-digit growth. Following its early 2026 acquisition of Telefónica’s Chilean operations, the company has solidified its position as a dominant regional player. It competes directly with América Móvil (Claro), Telefónica (Movistar), and Liberty Latin America, distinguishing itself through a "converged" service strategy that integrates mobile and fixed-line infrastructure to capture high market share in underpenetrated regions. Founded in 1990 through the merger of assets from Industriförvaltnings AB Kinnevik and Millicom Incorporated, the company is currently led by CEO Marcelo Benitez, a 25-year Tigo veteran who previously headed operations in El Salvador and Paraguay. The leadership team includes Executive Chair Mauricio Ramos, the former CEO credited with the company's Latin American pivot, and CFO Bart Vanhaeren, who brings over a decade of internal financial leadership. Technology and infrastructure are overseen by CTIO Guillaume Duhaze. The company’s governance is heavily influenced by its largest shareholder, French billionaire Xavier Niel (via Atlas Luxco/NJJ), whose representative Maxime Lombardini serves as Chair of the Board. Other notable institutional backers include Dodge & Cox and BlackRock, supporting a board that features industry experts like Maria Teresa Arnal and Bruce Churchill.