x Abu Dhabi, UAEWednesday 26 July 2017

Etisalat buys Sri Lankan telecom

Etisalat has struck a deal with Millicom to buy its Sri Lankan mobile operations, Tigo (Private) Limited, for $155 million.

Luxembourg-based Millicom has agreed to sell its Sri Lankan mobile operations to Emirates Telecommunications for $155 million (Dh569m), completing a divestment programme. Millicom International Cellular said the sale of its Sri Lankan cellular operations Tigo (Private) Limited, the country's third-largest, to Emirates Telecommunications Corp (Etisalat) was expected to be completed by October 20. "We are very pleased to have agreed to sell our Sri Lanka operations to Etisalat," the Millicom CEO Mikaek Grahne said in a statement posted on Millicom's website.

The Abu Dhabi-based company was buying a company with "a strong market position," Mr Grahne said. Millicom, which operates in 16 countries, announced earlier this year that it was selling operations in Cambodia, Laos and Sri Lanka to focus on Latin America and Africa. The Cambodia and Laos firms were later sold. "This agreement represents the final element of our recent divestment programme and will leave the group well positioned to focus on the significant long-term growth opportunities in Latin America and Africa," Mr Grahne said.

*AFP