Millicom completes sale of Rwandan unit to Bharti Airtel


Swedish composite tech company, Millicom said it has completed the sale of its unit in Rwanda to India’s Bharti Airtel.

The group said in an email statement that:

“It has completed the transaction announced on December 19, 2017 for the sale of its Rwanda operation to subsidiaries of Bharti Airtel Limited.”

This divestment is part of many that have been carried out by Millicom across major markets. Founded in 1990, Millicom International Cellular SA is headquartered

in Luxembourg and listed on NASDAQ Stockholm under the symbol MIC. In 2016, Millicom reported
revenue of USD 6.25 billion and EBITDA of USD 2.17 billion.

Bharti Airtel is majorly owned by Sunil Mittal, an Indian billionaire who has also invested in Africa’s telecom industry through outright acquisitions and mergers.

In Nigeria, Bharti Airtel backed out of the bid to acquire 9mobile, formerly known as Etisalat Nigeria. Sources close to the company that Bharti back out after it saw no value in 9mobile and the lack of transparency in the process.

Leave a Reply

Your email address will not be published. Required fields are marked *