Millicom shifts Its focus from Africa to Latin America

Millicom part ways with businesses in Tanzania and AirtelTigo in Ghana

Inclusion Times
Inclusion Times

Millicom on Monday revealed through a press release that they have signed agreements for the sale of its operations in Tanzania and a transfer of its stake in the AirtelTigo joint venture in Ghana.

“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 are divesting our remaining African businesses, we close a chapter in our history and open another solely focused on the Latin American region.” Millicom CEO, Mauricio Ramos.
CEO of Millicom Mauricio Ramos|Source: TyN Magazine

According to the press release, in the company will sell its entire operations in Tanzania to a consortium led by Axian. This pan-African group was part of the consortium that acquired Millicom's operations in Senegal in 2018.

Millicom will do the same in Ghana. As they, alongside their joint venture partner, Bharti Airtel Limited, have signed a definitive agreement for the transfer of AirtelTigo to the Government of Ghana. Millicom will take a $25 million charge as a result of this agreement.

The Luxembourg based company did not disclose the financial details of the transaction.

"Financial details were not disclosed, and completion of each transaction is subject to customary closing conditions, including regulatory approvals".  
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