Digicel plans to liquidate Panama business after rivals’ merger approved

By Elida Moreno

PANAMA City (Reuters) – Cellular cellphone operator Digicel explained Wednesday it strategies to wind down functions in Panama pursuing the government’s approval of a merger between rivals Cable & Wireless Panama (CWP) and Claro.

The merger, in which the Panamanian govt will be a 49% shareholder and offers the businesses 56% of the market, “proficiently spells the stop of competition in the telecoms current market for lesser players,” Digicel reported in a statement.

Digicel mentioned it was applying for voluntary liquidation, possessing not succeeded in different initiatives immediately after CWP introduced in late 2021 it would acquire The united states Movil subsidiary Claro’s functions in Panama.

These initiatives involved appointing an investment lender to market the organization to fiscal and strategic parties, extensive engagement with authorities about the prepared merger and proposals to migrate clients to an additional operator which were not taken ahead.

With Digicel exiting

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