Why Millicom International Cellular (TIGO) Are Shares Trading Higher Today - Millicom Intl Cellular (NASDAQ:TIGO)

Buyout group Apollo Global Management, Inc APO has partnered with former Softbank Group Corp SFTBF executive Marcelo Claure to explore a takeover of Millicom International Cellular S.A. 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.