The Adjudication Hearing was held on January 27, 2026, at which Millicom Colombia Holding S.A.S. was declared the successful bidder for 100% of EPM’s shareholding, consisting of approximately 5.01 million shares at a price of COP 418,741 per share, for an aggregate consideration of COP 2.09 trillion. The share transfer and closing of the transaction were completed on January 29, 2026.
This mandate required navigating a complex interplay of corporate, regulatory, public-law. The privatization process was structured in two stages. During the First Stage, which lasted two months and was directed exclusively at recipients of special conditions (sector solidario), EPM adjudicated and transferred 77 shares to 11 new individual shareholders. Subsequently, the remaining shares were offered to the general public in the Second Stage; however, only Millicom Colombia Holding submitted a Pre-qualification Envelope, which met all requirements established in the Regulations, enabling its participation in the Adjudication Hearing. Pérez-Llorca’s team provided comprehensive counsel across deal structuring, drafting of Law 226 process documents, corporate governance, telecoms regulation, merger control, and public-sector authorization processes.
Additionally, in order to carry out the share transfer while ensuring compliance with the principles of market access and transparency inherent to the privatization process, EPM temporarily registered UNE’s shares with the National Registry of Securities and Issuers (Registro Nacional de Valores y Emisores), administered by the Colombian Financial Superintendence. The adjudication process was previously approved by the Colombian Financial Superintendence, that reviewed the structure of the transaction including the First and the Second Stage, following the completion of the corresponding authorization procedure before such authority.
The sale of EPM’s stake in UNE represents a landmark in Colombia’s digital infrastructure landscape. It advances strategic consolidation in mobile and fixed broadband, supports ongoing network investment, and strengthens the sector’s capacity to expand high-speed connectivity nationwide. Against a backdrop of rising data consumption, 5G deployment, fiber-to-the-home densification, and convergent service offerings, the transaction is widely recognized as one of the most significant telecom M&A operations in Colombia in recent years, setting a defining precedent for public-private portfolio optimization and sector transformation.
By aligning EPM’s capital allocation priorities with the long-term industrial strategy of a scaled telecom operator, the deal enhances sustainability of investment in next-generation networks while safeguarding service continuity and consumer benefits. Pérez-Llorca’s advisory role underscores the firm’s ability to execute high-profile, highly regulated transactions with public-interest dimensions. This landmark deal cements its place as the most important privatization in Colombia’s telecommunications history and will shape the trajectory of Colombia’s connectivity and digital inclusion for the coming decade.
Team:
Jose Luis Suarez – Partner
Adriana Moreno Márquez – Partner
Paola Valderrama Ortiz – Partner
Felipe Guzmán Poveda – Associate