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Millicom has signed an agreement for the sale of its Tigo business in the Democratic Republic of Congo (DRC) to Orange. The transaction is subject to regulatory approvals.
Millicom will sell 100 per cent of the share capital in Oasis SA for a total cash consideration of $160 million.
Mauricio Ramos, CEO of Millicom said: “The sale of Tigo DRC is in line with our strategy of supporting consolidation and concentrating our resources in our 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.”