Middle East tipped to trump Asia in battle for Millicom

2 May 2006

According to the Financial Times, people ‘close to the sale of Millicom’ are suggesting that Lebanon-based telecom investment company InvestCom will beat China Mobile in the battle for control of the Luxembourg wireless group. InvestCom, which is controlled by former Lebanese prime minister Najib Mikati, is reported to have submitted the highest bid for the company; China Mobile is reported to be considering whether to match the bid, but is expected to decline on the basis that it would be hard to justify such a high valuation. Rising wealth in the Middle East, driven by high oil prices, mean that many of the region’s companies are keen to enter the international mergers and acquisitions market. Millicom is expected to select a winner within the next couple of weeks; others still involved in the process include Orascom, MTC, Telenor and America Movil.

Luxembourg, Millicom International Cellular (MIC)