Millicom To Sell Tanzania Operations, Stake In Ghana JV To Conclude Africa Divestiture Program

(RTTNews) - Millicom International Cellular SA (TIGO) announced Monday that it has signed agreements for the sale of its operations in Tanzania and for its stake in the AirtelTigo joint venture in Ghana. Financial details were not disclosed.

In Tanzania, the company has agreed to sell its entire operations to a consortium led by Axian, which was part of the consortium that acquired Millicom's operations in Senegal in 2018.

In Ghana, Millicom along with its joint venture partner, Bharti Airtel Limited, would transfer AirtelTigo to the Government of Ghana. Millicom will take a $25 million charge as a result of the agreement.

The completion of each transaction is subject to customary closing conditions, including regulatory approvals.

The closure of the deals would complete Millicom's multi-year plan to divest its African operations and solely focus on its Latin America markets.

Millicom CEO, Mauricio Ramos, "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."