Despite an ongoing takeover bid from Xavier Niel, Latin American operator group Millicom has been exceptionally busy growing and restructuring its operations across the continent – all to the favor of stock market investors, as the share price has risen 57% in the last year. In the last week, Millicom first announced it had agreed to buy Telefonica’s Colombia unit for $400 million, then said it would merge its operations in Costa Rica with Liberty Latin America’s local division. The two deals do not involve much additional debt, which is the right call for Millicom given that it is already a highly leveraged firm. In Colombia, Millicom plans to combine its local unit, called TigoUne, with Telefonica’s local brand, Coltel. It…