Millicom to sell DR Congo business to Orange South Africa

Technology provider Millicom is selling its Democratic Republic of Congo business to Orange South Africa OrangemilsumMillicom signed a sale agreement for its Tigo business to Orange, pictured above.

Millicom announced on 8 February that it has signed an agreement for the sale of its Tigo business in the Democratic Republic of Congo (DRC) to Orange S.A; subject to financial regulation. 

Millicom will sell 100 per cent of the share capital in Oasis SA for a total cash consideration of US$160mn.

Mauricio Ramos, CEO of Millicom, said the sale was in line with company strategy. “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.”

The Millicom Group has more than 16,000 employees and offers mobile services to more than 60 million customers.

 

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