Luxembourg-based media conglomerate Millicom plans to invest another $750 million in Panama, as it continues to grow its Latin America presence.
The company has already spent more than $2 billion to acquire Cable Onda, the leading cable operator in Panama, and Movistar, the leading mobile operator in the country. The two companies will “integrate into a seamless customer-centric company to expand digital highways in Panama,” according to a press release.
The additional $750 will be spent on “cutting-edge network infrastructure, state-of-the-art data centers, spectrum, and other services,” the company says.
While few customers love their cable or mobile company, this type of investment in technological infrastructure is important to Panama and will help position the country for the future. It also means that consumers in Panama will have access to all the modern, state-of-the-art services.
“Together with the dedicated team at Cable Onda, we are now best positioned to provide Panamanians with the high-quality fixed and mobile services they expect,” CEO Mauricio Ramos said in the statement. “Our significant investments demonstrate our commitment to supporting strong economic growth in the region for years to come.”
Millicon officially closed the acquisition of Telefónica Móviles Panamá, S.A., the leading mobile operator in the country, in August; it had announced in February its plans to acquire the mobile provider’s subsidiaries in Panama, Costa Rica and Nicaragua.
In an event in Panama last week, the company said it is focused on the “deployment of high-speed data networks, providing access to the digital economy” for Panamanians. That also includes the rollout of 5G, which will improve performance and keep locals on the cutting edge. To demonstrate the potential of the networks, Ramos conducted what was described as the “the first-ever holographic call in Panama and in Latin America” with Panama football hero Jaime Penedo.