Millicom To Sell African Operations To Focus On Latin American Markets

Cable and mobile service provider Millicom International Cellular SA TIGO has 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.