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Millicom To Sell African Operations To Focus On Latin American Markets

Millicom To Sell African Operations To Focus On Latin American Markets
  • Cable and mobile service provider Millicom International Cellular SA (NASDAQ: TIGOhas inked divestment agreements for the Tanzania operations and stake ownership in the AirtelTigo joint venture in Ghana to focus on the Latin American markets.
  • Millicom agreed to divest its Tanzania operations to a consortium led by pan-African group Axian, partly responsible for the divestment of Millicom's Senegal operations in 2018.
  • Millicom and its joint venture partner, Bharti Airtel Limited, inked an agreement in Ghana to transfer AirtelTigo to the Ghana Government for $25 million.
  • The financial terms of the transactions were not disclosed.
  • Tigo aimed to launch high-speed mobile and fixed broadband to the underpenetrated Latin American communities, Millicom CEO Mauricio Ramos said.
  • Millicom held $875 million in cash and equivalents as of Dec. 31, 2020.
  • Price action: TIGO shares closed lower by 0.56% at $38.87 on Friday.

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