India, Jan. 15 -- Liberty Latin America is in talks to acquire Millicom in a deal that would create a major telecom force in the Latin American market, the two companies have confirmed in separate statements.
Backed by US cable tycoon John Malone, Liberty Latin America said it had submitted a "preliminary, highly conditional, non-binding proposal regarding a possible transaction," without disclosing any financial details.
A merger would give rise to one of Latin America's biggest telcos and help the companies withstand competition from major regional players such as Telefonica and America Movil.
Spun off from Liberty Global last year, Liberty Latin America currently operates in 20 countries in Latin America and the Caribbean. It generate...