Millicom International Cellular: Millicom to Sell Its Democratic Republic of Congo Business to Orange

STOCKHOLM--(BUSINESS WIRE)--

Millicom International Cellular MICC MIC

Millicom today announced that it has signed an agreement for the sale of its Tigo business in the Democratic Republic of Congo (DRC) to Orange S.A. The transaction is subject to regulatory approvals.

Millicom will sell 100% of the share capital in Oasis SA for a total cash consideration of $160 million.

Mauricio Ramos, CEO of Millicom said: "The sale of Tigo DRC is in line with our strategy of supporting consolidation and concentrating our resources in our most promising markets. Proceeds from the sale will strengthen our balance sheet allowing us to reinvest in our existing Latin American and African markets, improving earnings and cash flow and reducing leverage."

About Millicom

Millicom is a leading telecom and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing innovative and customer-centric digital lifestyle services to the world's emerging markets. The Millicom Group employs more than 16,000 people and provides mobile services to over 60 million customers. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2014, Millicom generated revenue of USD 6.4 billion and EBITDA of USD 2.1 billion.

This information was brought to you by Cision http://news.cision.com

View source version on businesswire.com: http://www.businesswire.com/news/home/20160207005075/en/