Erstwhile parent company of Tigo Ghana, Millicom, has agreed to sell its 7.6 percent stake in Helios Towers.
The sale by the telecom operator is to divest its ownership in the infrastructure company.
Millicom sealed agreements with two institutional investors for the trade, finalisation of the transaction is expected to completed on Wednesday, June 2, 2021.
Millicom reportedly sold a 5.2 per cent stake in Helios Towers in November last year.
Helios Towers as part of its strategy to expand its presence on the African Continent raised some $750 million in June 2020.
In the opening months of 2021, Helios Towers secured a deal to acquire Airtel Africa’s infrastructure in Madagascar and Malawi for a combined $108 million, and an agreement for exclusive negotiations covering the purchase of around 1,000 towers in Chad and Gabon.
It also recently entered the Middle Eastern market with a purchase of Omantel’s passive tower infrastructure portfolio for $575 million.
Meanwhile, earlier this year, Millicom sold all its interest in Africa, including that of its assets in Ghana to concentrate on Latin America.
The company, after selling its assets on the continent, has since returned to profit-making ways.
