Millicom agreed to sell its operations in Tanzania and divest its stake in the AirtelTigo joint venture in Ghana operated with Bharti Airtel [1], completing the final chapter of its long-running strategy to exit Africa and concentrate on Latin America.
In Tanzania, Millicom lined up a sale to Madagascar-based Axian Group for an undisclosed sum. The acquirer was part of a consortium involved in a simiilar deal in Sengal [2] in 2018.
Along with Airtel, Millicom also entered into a definite agreement to transfer ownership of AirtelTigo to Ghana’s government.
Although the full amount for the transaction was not stated, Millicom said it will secure $25 million as a result.
Millicom CEO Mauricio Ramos (pictured) explained the African asset divestitures opens a new chapter in the company’s history “solely focused on the Latin American region”, where it will look to deliver “reliable high-speed mobile and fixed broadband” to address factors such as “low penetration and data speeds”.
The deals in Tanzania and Ghana are subject to customary closing conditions including regulatory clearances.
Other African markets Millicom exited include Chad [3], the Democratic Republic of Congo [4] and Rwanda.
[1] https://www.mobileworldlive.com/featured-content/top-three/millicom-airtel-pressure-mtn-with-ghana-merger
[2] https://www.mobileworldlive.com/featured-content/top-three/millicom-completes-tigo-senegal-sale
[3] https://www.mobileworldlive.com/featured-content/top-three/millicom-nears-africa-exit-with-chad-sale
[4] https://www.mobileworldlive.com/featured-content/home-banner/orange-to-acquire-millicoms
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