Millicom Takes Control of Ola

Luxembourg-based mobile holding company Millicom International Cellular has assumed full control of Colombian mobile operator Ola, local newspaper El Tiampo reported.

Ola's former board of directors met with new Millicom board members to discuss the changes in the company, one month after Millicom won an auction held by Ola's now minority shareholders, municipal telcos ETB and EPM. Millicom won the auction with a US$479mn bid.

Ola's president León Darío Osorio offered his resignation, which was part of the acquisition agreement. His replacement has yet to be announced.

Ola could potentially be renamed Tigo, the brand name Millicom uses for its mobile units in Paraguay, Bolivia, El Salvador, Guatemala and Honduras, the report added.

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Posted to the site on 6th October 2006