Colombia’s ETB on track for privatisation | IPTV | News | Rapid TV News
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Bogotá-based telco ETB is set to become a private company this summer, as the city council kicks off the sale of 86.6% of the company’s shares.

etb bogota 1 may 2017After over a year of strong restructuring, including worker lay-offs and a reduction in the executive panel in a bid to make the fibre and IPTV operator profitable again, the city council agreed last summer to privatise ETB. The sale will now officially start in the second week of May.

According to the Colombian newspaper La República, Bogotá’s city council has set a price for the telco of over $800 million. The final price was decided according to an analysis by the investment banks JP Morgan and BTG Pactual.

During the first 60 days, the sale process will only be open for workers, unions, mutual insurance companies, pension funds and cooperatives interested in purchasing ETB shares. After this, the process will be open for any potential investor.

The whole process will be monitored by the administration itself to guarantee that potential buyers have the capacity to keep the company running and delivering telecom services.

No big telco has officially shown interest in acquiring the loss-making local telco. However, ETB’s fibre network in Bogotá, through which it delivers advanced IP-based services, has gained the attention of investors such as Millicom Tigo, which has already entered the Colombian market through the acquisition of the public company UNE-EPM.