TIGO · CIK 912958
What Millicom International Cellular S.A. told the SEC could break it.
Millicom's disclosures reflect a Latin American telecom exposed to currency, U.S. policy and a legal overhang. In 2025 the Bolivian boliviano lacked exchangeability into other currencies, forcing it to estimate the spot rate in a market that is about 6% of revenue, and a new U.S. 1% tax on money sent abroad — plus broader U.S. trade and tariff policy toward Latin America — could cut the remittances that support consumer spending across its markets. It also operates under a U.S. DOJ deferred prosecution agreement covering TIGO Guatemala, where a determined breach could expose it to prosecution and additional penalties, and it relies on a limited number of network-equipment manufacturers, including Huawei, Ericsson and Nokia, over whom it has little influence.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Currency (FX)
- Bolivian boliviano (BOB) non-exchangeabilitymedium
In FY2025 the Bolivian boliviano lacked exchangeability into other currencies, forcing Millicom to estimate the spot rate; Bolivia is ~6% of total revenue and further changes in convertibility could increase volatility and affect results.
“During fiscal year 2025, we determined the Bolivian Boliviano (BOB) lacked exchangeability into other currencies under the Amendments, requiring us to estimate the applicable spot exchange rate. The use of an estimated exchange rate has affected our results of operations in Bolivia, which represents approximately 6% of our total revenue for the year ended December 31, 2025.”
SEC filing →As of 2026
Litigation
- DOJ deferred prosecution agreement (TIGO Guatemala)medium
TIGO Guatemala and Millicom are under a U.S. DOJ deferred prosecution agreement; the DOJ will seek dismissal of the criminal Information only if all DPA obligations are met over its two-year term, otherwise TIGO Guatemala could face prosecution and Millicom additional sanctions or penalties.
“Provided that TIGO Guatemala and Millicom fully comply with all of their obligations under the DPA for its two-year term, the DOJ will seek dismissal with prejudice of the criminal Information. If, however, the DOJ determines in its sole discretion that a breach of the DPA has occurred, TIGO Guatemala could be subject to prosecution for the conduct described in the Information, and the Company could face additional sanctions or penalties.”
SEC filing →As of 2026
Regulatory & policy
- U.S. 1% remittance tax; trade/tariff policy on Latin Americamedium
A new U.S. 1% tax on money sent abroad (no minimum) could reduce remittances received in Millicom's Latin American markets, where remittances are a large share of GDP, cutting consumer disposable income; broader U.S. trade/tariff policy toward Latin America adds further exposure.
“government began imposing a 1% tax on anyone sending money 30 abroad. With no minimum transaction limit, even small transfers will be taxed, meaning that this tax could reduce net remittances received in our markets from the U.S.”
SEC filing →As of 2026
Supplier concentration
- limited number of network-equipment manufacturersmedium
Millicom standardizes on and relies on a limited number of international network-equipment manufacturers (Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway, VMware), with limited influence over them or their own supply chains, creating equipment-supply and continuity risk.
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare. We have limited influence over these key suppliers, and even less over their suppliers and the continuity of their supply chains, which could be disrupted in many ways.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Telefonaktiebolaget LM Ericsson
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →FiberHome Telecommunication Technologies
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →VMware (Broadcom)
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →Vantiva SA
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →Huawei Technologies
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →Intraway
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →Juniper Networks
“we rely on a limited number of manufacturers to provide network and telecommunications equipment and technical support. The key suppliers of equipment and software for our existing networks are Huawei, Ericsson, Nokia, PPC, Fiberhome, Harmonic, Kaon, Vantiva, Juniper, Intraway and VMWare.”
Cited →
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