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Millicom quits Africa

April 21, 2021

By Chris Forrester

Millicom, now an independent business but formerly backed by Kinnevik and still headquartered in Luxembourg, has disposed of its African businesses and is now wholly focused on its Latin American investments.

Millicom, in its statement, said that it has agreed to sell its entire operations in Tanzania to a consortium led by Axian, a Madagascar group that was part of the consortium that acquired Millicom’s operations in Senegal in 2018. Axian confirmed it was leading a consortium regarding the sale of Millicom’s shares in both Tigo Tanzania and Zantel in Zanzibar.

Millicom CEO Mauricio Ramos commented: “With today’s announcement that we are divesting our remaining African businesses, we close a chapter in our history and open another solely focused on the Latin American region.”

Ramos added: “Today Tigo is a leading provider of broadband services to consumers, businesses and governments in Latin America, where penetration and data speeds remain low by the standards of more mature markets. Through our investment-led strategy, we are bringing reliable high-speed mobile and fixed broadband to the communities we serve in the region.”

Millicom’s website says the company has operations in Bolivia, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Paraguay, offering a mix of cellular, broadband and pay-TV services.

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