LatAm Telcos: Consolidation Lessons: Case Study on Panama Mobile, 2024

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LatAm Telcos: Consolidation Lessons: Case Study on Panama Mobile, 2024

J P M O R G A N Latin America Equity Research

29 June 2026

LatAm Telcos

Consolidation Lessons: Case Study on Panama Mobile,

This is our second report in a series of Latin America Consolidation Lessons, and LatAm Technology & Telecom /

we now take the opportunity to understand Panama’s mobile market. Panama Education

moved from a four-operator structure to a two-player market by 2024, dominated Marcelo Santos, CFA AC

by Lilak and Tigo. Our goal is to equip investors with a repertoire of case studies (55-11) 4950-3708

to support the analysis of consolidations happening currently in countries such as marcelo.p.santos@jpmorgan.com

Colombia (which can be played via OW-rated Tigo) and Argentina (exposure via Livea Mizobata

OW-rated TEO). (55-11) 4950-3604

livea.mizobata@jpmorgan.com

• A brief summary of the mobile market consolidation: In 2018, Panama’s Banco J.P. Morgan S.A.

mobile market was operating under a four-player structure (Telefonica, Lilak,

Digicel, and AMX), and ASEP (National Authority of Public Services) was

Click here for our Brazil consolidation

already working to enable consolidation (Law 479 approved in Apr-18). Tigo

report. entered the Panama market and started building a scaled convergent position

by acquiring control of Cable Onda in Oct-18 and then Movistar in Feb-19. The

next major step was Lilak acquisition of Claro, agreed in Sep-21 for $200m and

closed on Jul-22, which further consolidated the market. In Apr-22, Digicel

signaled plans to wind down operations following the Lilak/Claro merger

approval, and by 2024 its exit left Panama with a two-player structure

dominated by Lilak and Tigo.

• Remedies did not prevent Digicel from exiting the market: despite