Colombian EPM sells stake in telecommunications firm UNE for $571 million

BOGOTA, Jan 27 (Reuters) - Colombian utility Empresas Publicas de Medellin (EPM) said on Tuesday that it has sold its entire stake in the telecommunications company UNE to the local subsidiary of Millicom MICC.F for 2.1 trillion pesos ($571.2 million).

“The purchase offer submitted was equivalent to the minimum sale price approved by EPM’s board of directors and established in the divestment program, that is, 418,741 pesos for each of the 5,014,958 shares,” EPM said in a statement.

EPM, owned by the city of Medellin, held half of UNE, while Millicom owned the other half.

(1 dollar = 3,676.02 pesos)