The group said in a statement that has completed the transaction announced on April 19, 2021 for the sale of its entire operation in Tanzania to a consortium led by Axian, a pan-African group.
Axian, a Madagascar group that was part of the consortium that acquired Millicom’s operations in Senegal in 2018.
“In accordance with the terms of the sale, Axian has assumed ownership of the business, including its debt and other obligations, and Millicom has received net cash consideration of approximately $100 million,” reads the statement.
The transaction completes Millicom’s multi-year plan to divest its African operations and associated obligations and liabilities and to focus on its Latin America markets.
Millicom now has operations in Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay, offering mobile, broadband and pay-TV services.
Speaking after the announcement Millicom CEO, Mauricio Ramos said the announcement means they have completed the divestiture of their African businesses, in the process closing a chapter in their history and opening another that is solely focused on the Latin American region.
“Today Tigo is a leading provider of broadband services to consumers, businesses and governments in Latin America, where penetration and data speeds remain low by the standards of more mature markets. Through our investment-led strategy, we are bringing reliable high-speed mobile and fixed broadband to the communities we serve in the region,” he said.
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