Millicom International Cellular: Millicom Completes Zantel Acquisition
October 26 2015 - 4:38AM
Business Wire
Millicom International Cellular (NASDAQ:MICC) (STO:MIC)
Millicom today announced that, following regulatory approval, it
has completed the acquisition of an 85% stake in Zanzibar Telecom
(Zantel).
Zantel is the leading mobile telecom operator on the island of
Zanzibar with gross revenues in 2014 of $82 million. It operates 2G
and 3G services over 545 network sites and has ownership rights to
undersea fibre optic cable capacity. Zantel has an approximate 5%
share of the Tanzanian mobile market.
Cynthia Gordon, Chief Executive Officer of Millicom Africa
Division said: “Millicom will work alongside the Government of
Zanzibar to create a strong and revitalized Zantel bringing new
benefits to the people of Zanzibar such as improved customer
experience on voice, data and mobile financial services.”
Millicom’s transaction involved repaying Zantel’s outstanding
debt at closing. This was achieved through a new loan supported by
Standard Chartered Bank and The Swedish Export Credit
Corporation.
The Government of Zanzibar has retained its 15% stake in the
company.
About Millicom
Millicom is a leading telecom and media company dedicated to
emerging markets in Latin America and Africa. Millicom sets the
pace when it comes to providing innovative and customer-centric
digital lifestyle services to the world’s emerging markets. The
Millicom Group employs more than 16,000 people and provides mobile
services to over 59 million customers. Founded in 1990, Millicom
International Cellular SA is headquartered in Luxembourg and listed
on NASDAQ OMX Stockholm under the symbol MIC. In 2014, Millicom
generated revenue of USD 6.4 billion and EBITDA of USD 2.1
billion.
About Zantel
Zantel (Zanzibar Telecom) is the leading data telecommunications
brand in Zanzibar and its largest internet provider. Its integrated
telecom service provide International Gateway services, Fixed,
Mobile and data services through its GSM and 3G networks.
(investors@millicom.com)
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version on businesswire.com: http://www.businesswire.com/news/home/20151026005550/en/
MillicomTabitha Aldrich-SmithInterim Communications DirectorTel:
+352 277 59084 (Luxembourg)+44 7971 919
610press@millicom.comInvestor RelationsNicolas DidioDirector, Head
of Investor RelationsTel: +352 277 59125 (Luxembourg)+44 203 249
2220investors@millicom.com
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