Millicom (TIGO) is down about 3% as traders digest the completion of Millicom’s acquisition of the Colombian government’s remaining stake in Colombia Telecomunicaciones (Coltel), taking ownership to 100%. While the move strengthens strategic control, investors are focusing on near-term execution risk and the potential for higher integration and capital spending requirements in Colombia after the transaction.

Full consolidation typically brings bigger integration workstreams—network and IT integration, commercial re-positioning, and potential restructuring—before cost and revenue synergies show up in reported results. With the stock near recent highs, the market reaction looks like profit-taking paired with caution around funding needs and timeline risk as Millicom moves from “deal announcement” to “deal delivery.”

Separately, Millicom disclosed that its subsidiary Telecel Paraguay intends to redeem in full $139.712 million of 5.875% senior unsecured notes due 2027 on April 29, 2026. Even if the redemption is balance-sheet positive over time, it draws attention to near-term cash uses and refinancing choices at the same time the company is taking on a larger operational footprint in Colombia.

Key near-term catalysts include updates on integration milestones in Colombia, any changes to capex expectations, and management commentary on leverage and capital returns. Investors will also watch how quickly Millicom can translate full control of Coltel into measurable operating improvements and synergy capture.