Millicom sells Tanzanian unit to Axian, exits African market

20 Apr 2021

Millicom International Cellular has announced the signing of an agreement for the sale of its operations in Tanzania and Zanzibar. The firm has agreed to sell the entire unit, which includes Tigo and Zanzibar Telecommunication (Zantel), to a consortium led by Madagascar-based Axian, a pan-African group that was part of the consortium that acquired Millicom’s operations in Senegal in 2018. The deal was announced alongside the sale of Millicom’s stake in the AirtelTigo joint venture in Ghana and once these deals are closed, the group will complete its multi-year plan to divest its African operations and focus on its Latin America markets. Financial details were not disclosed, and completion is subject to customary closing conditions, including regulatory approvals.

‘Today Tigo is a leading provider of broadband services to consumers, businesses and governments in Latin America, where penetration and data speeds remain low by the standards of more mature markets,’ noted Millicom CEO Mauricio Ramos, adding: ‘Through our investment-led strategy, we are bringing reliable high speed mobile and fixed broadband to the communities we serve in the region. With today’s announcement that we are divesting our remaining African businesses, we close a chapter in our history and open another solely focused on the Latin American region.’