This adjustment is due to changes in the company's capital expenditure projections and a reduced weighted average cost of capital, highlighting Millicom's strategic investment approach. Additionally, Telefonica (NYSE: TEF ) has announced the sale of its Colombian business to Millicom Spain for $400 million, a move that is pending regulatory approval. This acquisition involves 67.5% of Colombia Telecomunicaciones' share capital and aligns with Telefonica's strategy to scale back its Latin American operations. Meanwhile, Morgan Stanley (NYSE: MS ) has initiated coverage of Millicom with an Equalweight rating and a price target of $32.00. The firm points to potential market consolidation in Colombia and a significant tower transaction as future growth drivers. Millicom's 2024 revenue in Colombia reached $1.4 billion, with an EBITDA margin of about 40%, outperforming some of its competitors.