Colombia Telecomunicaciones S.A. E.S.P. BIC (Movistar)

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What it is

Colombia Telecomunicaciones S.A. E.S.P. BIC was incorporated in Colombia by Public Deed No. 1331 of June 16, 2003, with its principal domicile in Bogotá D.C.

In 2021 it added “BIC” — Benefit and Collective Interest Company — to its name; commercially it trades as Movistar.

It offers mobile telephony and connectivity, broadband services, fiber optics to the home, pay television, fixed telephony, and a range of digital solutions for small, medium, and large companies and corporations. The company is present in 80 cities and municipalities with fiber optics, 240 with fixed broadband, and more than 1,120 with 4G LTE mobile service.

Who owns it

Millicom International Cellular announced it completed a public takeover offer to buy the controlling 67.5% stake that Telefónica held in Colombia Telecomunicaciones (Coltel); the transaction, valued at USD 214.4 million, closed on February 6, 2026. On April 27, 2026, Millicom completed the purchase of the remaining 32.5% then held by the Colombian government, fully consolidating ownership of Coltel.

The second-stage state sale was transacted at approximately USD 241 million (COP 856 billion (US$248 mn)). With this final transaction, Millicom assumed total control of the entity, unifying under one structure the assets of Tigo and the former Movistar operation in Colombia.

Who runs it

Fabián Hernández has served as President and CEO of Telefónica Movistar Colombia, and the financial statements are certified by Fabián Andrés Hernández Ramírez as legal representative and Nancy Navarro Bueno as public accountant. The auditor is PwC Contadores y Auditores S.A.S., confirmed across all filings.

Whether Millicom will install its own management team is not yet disclosed in available sources.

The money, in plain words

Movistar Colombia posted total operating revenues of COP 6.68 trillion (USD 1.94 billion) at the close of 2024. Revenue of 6.19 trillion on a consolidated basis represented a decline of 8.1% from the prior year’s 6.73 trillion, while net losses were COP 469.9 billion (US$136 mn) — a loss 31.9% smaller than in 2023.

That net loss equals about 7 cents lost for every peso of revenue earned — a net margin of –7.0% (our calculation) — which signals a company still burning cash even as it narrows its shortfall. Fitch Ratings and S&P both reaffirmed their credit ratings on the company, with Fitch holding Coltel at BB+ internationally and AA+(col) on the national scale.

Fitch described the rating as reflecting “the company’s solid market position within the competitive telecommunications sector in Colombia, as well as solid credit metrics.” The fiber network reached 1.49 million customers across 92 cities, representing year-on-year growth of 22.1%, or 270,000 new connections.

What it is doing now

The defining move of 2024 was the “Unstoppable Project”: on February 26, 2024, Colombia Telecomunicaciones signed a framework agreement with Colombia Móvil S.A. E.S.P. (Tigo) to develop a single mobile-access network through an independent company, as well as to share radio-spectrum permits through a temporary union — effectively pooling infrastructure to deploy next-generation mobile technology including 5G.

The consolidated network aims to improve mobile service quality in more than 700 municipalities for some 35 million users; the companies will continue to operate separately in legal and functional terms, competing in service delivery while maintaining independent business autonomy. Millicom stated that the consolidation will allow it to deploy 5G networks nationally and expand digital services across Colombia.

What to watch

• Brand transition: Millicom has confirmed that Coltel, which formerly operated under the Movistar brand, now operates under the Tigo brand — watch for customer churn or gain as the rebrand rolls out.
• Network merger execution: Combining the Tigo and former Movistar mobile networks under the Unstoppable Project is technically and regulatorily complex; delays or cost overruns would pressure margins.
• Path to profit: The net loss narrowed sharply year-on-year but the company is not yet profitable; Millicom’s synergy capture will determine how quickly that changes.
• 5G licensing: The unification of radio spectrum and fixed-network infrastructure enables more efficient 5G planning, but spectrum-assignment decisions rest with Colombian regulators.

This is news, not investment advice.