Kinnevik scraps plan to divest Millicom stake; cites ‘unfavourable market conditions’

13 Jun 2019

Millicom International Cellular (MIC) has announced that its largest shareholder, Kinnevik, has informed the company of its decision to withdraw the previously announced public offering of 11.000 million Millicom shares. The Swedish investor has blamed its decision on ‘unfavourable market conditions’.

As previously reported by TeleGeography’s CommsUpdate, earlier this month Millicom filed Form F-1 with the US Securities and Exchange Commission (SEC), registering the offer and sale of 11.000 million shares held by Kinnevik and its affiliates, equivalent to a 10.8% stake.

Kinnevik currently owns 37.835 million Millicom shares, or 37.2% of Millicom’s total shareholding. Pending the successful completion of the offer and sale, an additional stake sale was earmarked to take place in December 2019.

Luxembourg, Millicom International Cellular (MIC)