Millicom International Cellular S.A. (NASDAQ: TIGO) announces that it has completed the transaction announced on April 19, 2021 for the sale of its operation in Tanzania to a consortium led by Axian, a pan-African group.
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. 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 CEO, Mauricio Ramos, commented: “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. With today’s announcement that we have completed the divestiture of our African businesses, we close a chapter in our history and open another solely focused on the Latin American region.”
