Millicom to sell its Rwanda business to Bharti Airtel
Millicom has announced that it has signed an agreement for the sale of its Rwanda operations to subsidiaries of Bharti Airtel Limited. The total consideration of the transaction is approximately 6x 2017 adjusted EBITDA, payable over two years, consisting of a mix of cash, vendor loan note and earn out. The transaction is subject to regulatory approvals.
Mauricio Ramos, CEO of Millicom, commented: "The sale of our business in Rwanda is in line with our strategy to focus on providing advanced fixed and mobile data services in Latin America. We are very grateful to the government of Rwanda for their support throughout the last eight years, which allowed us to extend digital inclusion to thousands of Rwandans. We are also very grateful to all our employees, whose drive and commitment enabled Tigo Rwanda to become a leading provider of digital services in the country. We are confident that Bharti Airtel will build on the strength of Tigo Rwanda and enhance the services provided to customers."