The Colombian government has authorised the sale of its 32.5% equity stake in Colombia Telecomunicaciones S.A. (Coltel). The operator of the Movistar brand in the country, as part of a broader shift in the telecommunications sector.
The decision was formalised under Decree 1481 of December 30, 2025, issued by the Ministry of Finance and Public Credit. This includes the government’s share in a programme of divestment of state-held assets.
Under the decree, the nation’s 108 billion shares, representing 32.5% ownership, will be offered for sale through a structured disposal programme. The decree sets a reference price per share. It anticipates that the transaction could generate more than 850 billion Colombian pesos ($225.9 million) in state revenue once the sale is completed.
Telecommunications Companies Latin America Withdrawal
The move comes in the context of Telefónica Movistar’s ongoing withdrawal from Latin America. This includes the sale of its 67.5% stake in Coltel to Luxembourg-based Millicom International Cellular for about US $400 million. Millicom, which operates under the Tigo brand, has also launched a public tender offer. They intend to increase its ownership in Coltel. Additionally, they are moving forward with integration plans that were recently cleared by regulators with conditions.
The sale of the government’s stake is expected to proceed in stages, with mechanisms designed to ensure broad market participation and open competition, in line with Colombia’s legal framework governing state asset disposals.
