This Tuesday, EPM completed the sale of its entire stake in UNE to Millicom Colombia Holding SAS, of the Millicom Group, consolidating the operation in which the buyer was already a majority shareholder since 2014. The transaction involved 5,014,958 shares, acquired at COP 418,741 each, for a total value of COP 2.1 trillion.
The operation was formalized during the Award Hearing corresponding to the Second Stage of the disposal process, which began on December 30, 2025 and regulated by Law 226 of 1995 and the EPM Disposal Regulations. Millicom now has five business days starting this Wednesday, January 28, to make the payment. Once the disbursement is confirmed, EPM will manage the registration of Millicom in the UNE Shareholder Registry Book, formalizing the transfer.
A two-phase process
The sale of shares took place in two stages. The First Stage, aimed at recipients with special conditions, allowed 77 shares to be awarded to 11 new shareholders, including natural and legal persons. The remaining shares were subsequently offered to the general public in the Second Stage, which included a prequalification process.
For this phase, EPM, with the support of the BTG Pactual Investment Bank, contacted 22 potential investors. Only Millicom presented a Prequalification Envelope that met all the requirements, which allowed it to be confirmed as a prequalified investor and participate with its economic offer in the award hearing.
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Impact and context of the operation
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Medellin City
Although the complete sale of shares could seem like an important change, there will be no alterations in the control of UNE, since Millicom has maintained the majority shareholding since 2014. According to EPM, the resources from the transaction will contribute to financing strategic city projects and strengthening the financial sustainability of the public company.
The operation also represents a significant movement in the telecommunications sector in Latin America. For Millicom, this is the seventh relevant acquisition in the region, after previous operations in countries such as El Salvador, Panama, Costa Rica, Nicaragua, Ecuador and Uruguay.
Legal compliance and professional advice
EPM assured that the entire process had the support of external advisors, specialized in disposal processes and corporate transactions, guaranteeing that the sale was executed with solid technical, legal and financial support. Likewise, the company complied with all the requirements of the Financial Superintendence and the current regulatory framework.
With the completion of this stage, EPM concludes the sale of its participation in UNE, ensuring transparency and legal support throughout the process, and Millicom consolidates its total control over the company.