SUR Holdings has acquired Colombian telco WOM, providing a lifeline for Colombia's fourth-largest mobile network operator, which filed for bankruptcy in April of last year, weeks after its Chilean counterpart. The country's ICT minister Mauricio Lizcano said the investment from SUR Holdings, which is made up of investors from the US and UK, has "saved" WOM.
"The arrival of new investors is great news because it shows the confidence that they continue to have in the country, to invest new and fresh resources in Colombia, managing to maintain a competitive market, with several players, which benefits users and customers," said Lizcano.
Novator Partners hasn't commented publicly on the announcement this week, while financial details around SUR Holdings' investment have not been disclosed.
"With this milestone, our future is bright. We are committed to closing the digital divide across the country and excited to continue strengthening our position in the market. This acquisition allows us to successfully navigate the opportunities and challenges ahead," added Ramiro Lafarga, CEO of WOM Colombia."
The minister said that WOM has a three-year grace period on spectrum payments, which will be paid off with interest from 2029. However, payments for the deployment and auction of 5G remain as normal.
