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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