Costa Rica regulator blocks Liberty Latin America, Millicom deal

Costa Rica's telecommunications regulator SUTEL has rejected a proposed transaction to combine Liberty Latin America Ltd.'s (NASDAQ: LILA, LILAK) and Millicom International Cellular S.A.'s (NASDAQ: TIGO) operations in the country.

The Board of Telecommunications Superintendency issued its final resolution declining to approve the deal, according to a joint statement from the companies. Both companies said the decision was unexpected given their ongoing dialogue with SUTEL throughout the review process.

Liberty Latin America and Millicom had developed what they described as a comprehensive set of commitments to address potential regulatory concerns. The companies said they respectfully disagree with the regulator's decision.

The proposed combination was intended to merge the companies' respective Costa Rican telecommunications operations. Both parties are now working together on next steps according to the terms of their combination agreement.

The information was disclosed in a press release statement from both companies.

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