Telecom network operator Orange announced its $160 million deal to acquire telecom business in the Democratic Republic of the Congo (DRC) from Millicom.
DRC is currently the largest mobile market in Central and West Africa after Nigeria with more than 40 million subscribers.
Orange will significantly enhance presence in the DRC, becoming one of the leading mobile operators in the country and creating positive synergies.
Mauricio Ramos, chief executive officer 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.”
Millicom aims to reinvest proceeds from the sale in its existing Latin American and African markets, improving earnings and cash flow and reducing leverage.
Millicom Group provides mobile services to over 60 million customers. In 2014, Millicom generated revenue of $6.4 billion and EBITDA of $2.1 billion.
