Millicom closes book on Africa business
Millicom completed the sale of Tigo Tanzania, a transaction which concludes the operator group’s exit from Africa and allows it to focus solely on operations in Latin America.
Its sale of Tigo Tanzania to Axian Group was announced in April 2021 alongside a planned disposal of its Ghana joint venture with Bharti Airtel, which was completed later in the year.
In the original announcement, the sum being paid for Tigo Tanzania was not disclosed, however on confirming deal completion on April 5, Millicom stated it would receive net cash of around $100 million from the sale.
“With today’s announcement that we have completed the divestiture of our African businesses, we close a chapter in our history and open another solely focused on the Latin American region,” Millicom CEO Mauricio Ramos said.
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Previously the company owned operations in Chad, the Democratic Republic of Congo, Mauritius, Rwanda and Senegal, alongside a standalone unit in Ghana prior to combining it with Airtel’s local division.
Millicom also used to own an operator in Sierra Leone, but divested this in 2009.
The company has been steadily divesting its assets in Africa while strengthening its position in Central and South America through acquisitions and network improvements in existing markets.
