Millicom Sells Congo Business to Orange for $160 Million
February 08 2016 - 03:03AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Millicom International Cellular S.A. (MIC-SDB.SK)
said Monday it has agreed to sell its Tigo business in the
Democratic Republic of Congo (DRC) to Orange S.A., for $160 million
in cash.
Mauricio Ramos, Chief Executive of the Stockholm-listed
developing markets telecom operator, said the sale is in line with
its strategy of supporting consolidation and concentrating
resources in its most promising markets.
"Proceeds from the sale will strengthen our balance sheet
allowing us to reinvest in our existing Latin American and African
markets, improving earnings and cash flow and reducing
leverage."
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
February 08, 2016 02:48 ET (07:48 GMT)
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