- Buyout group Apollo Global Management, Inc (NYSE:APO) has partnered with former Softbank Group Corp (OTC:SFTBF) executive Marcelo Claure to explore a takeover of Millicom International Cellular S.A. (NASDAQ:TIGO).
- The takeover proposal could value the Latin American telecoms company at almost $10 billion, including debt, Financial Times reports.
- The group weighed a bid at high teens per share price, valuing the business at roughly $9 billion.
- Given the turbulence in financial markets and high-interest rates, Apollo and Claure tried to dodge repaying or refinancing roughly $6.9 billion of Millicom’s existing debts.
- Millicom is based in Luxembourg but operates predominantly in Latin America under its Tigo brand for mobile and cable services.
- Millicom’s stock got hit by the weak Colombian peso and concerns around the company burning through cash during the first nine months of 2022.
- A complex macro environment and high inflation have raised questions about the group’s ability to hit a three-year target for equity-free cash flow.
- Price Action: TIGO shares traded higher by 14.90% at $17.04 on the last check Wednesday.
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