Millicom Eyes Growth in Venezuela and Peru

Millicom International Cellular S.A. Has identified Peru and Venezuela as the most relevant remaining opportunities for growth and expansion within the Latin American telecommunications market.

Bart Vanhaeren, the company’s vice president of finance, detailed this strategy during an analyst conference in February 2026, following the release of financial results for the fourth quarter of 2025. Vanhaeren indicated that the company’s priority for entering adjacent markets would center on these two countries, provided that market conditions eventually allow for such an entry.

Peru and Venezuela should one day come to the market

Bart Vanhaeren, CFO at Millicom

Market Analysis for Peru and Venezuela

According to reporting from BNamericas, Millicom is evaluating potential acquisitions in both nations. In Peru, the company sees a landscape with four active players where market consolidation is expected to occur.

In Venezuela, the potential for entry is linked to broader regional shifts. Telefónica is currently planning to exit its final two operations in Spanish-speaking Latin America, which include its businesses in Mexico and Venezuela.

While Millicom is monitoring these opportunities, Vanhaeren explicitly excluded other major regional markets from the company’s immediate radar. He stated that Mexico and Brazil are too large and complicated for the company to enter. Millicom is not considering an entry into Argentina, following the consolidation that occurred in 2025 when Telecom acquired Telefónica’s operations in that country.

Regional Consolidation and Recent Acquisitions

The interest in Peru and Venezuela follows a period of aggressive expansion and consolidation by Millicom in other Latin American territories, including Chile, Uruguay, Ecuador, and Colombia.

In Colombia, the company has significantly increased its footprint through two major transactions:

• Millicom concluded a tender offer to acquire a 67.5% controlling equity stake in the Colombian operator Coltel (Movistar) for $214.4 million.
• The company acquired a stake in the fixed broadband operator Une EPM Telecomunicaciones through a public auction conducted by EPM. Millicom paid approximately 2.1 trillion pesos, or $571 million, for the stake, bringing its total ownership in Une EPM to nearly 100%.

Millicom also intends to participate in the privatization process of Coltel to acquire the remaining stake held by La Nación. This process was planned for the fourth quarter of 2025, with a minimum price set at approximately $220 million.

These movements are part of a broader strategy to reinforce presence in markets where the company already operates, similar to its previous consolidation efforts in Guatemala and Panama.

As reported by El Nacional, Millicom’s focus on Peru and Venezuela comes at a time when the regional telecommunications sector is undergoing significant reconfiguration and investment shifts. While the company has not named specific operators it may target in Venezuela, the market remains active under a mix of local and regional actors.