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(Telecompaper) Millicom confirmed it has pulled out of a USD 570 million agreement to acquire Telefonica’s mobile telecommunications assets in Costa Rica, paving the way for possible legal action from the Spanish operator. In a brief statement, Millicom said it exercised its right to terminate the Share Purchase Agreement (SPA) on the grounds that Telefonica had failed to secure “required regulatory approvals that were agreed by the parties and set forth in the SPA, certain of which have not yet been issued,” without providing further details.
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