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ap

Millicom sells Sri Lankan unit for $155 million

Millicom selling Sri Lankan operations for $155M in cash, to focus on Latin America, Africa

  • On 2:58 pm EDT, Friday October 16, 2009

NEW YORK (AP) -- Mobile phone operator Millicom International Cellular SA said Friday it has agreed to sell its Sri Lanka operations for $155 million in cash.

The company said it is selling Tigo Limited to Etisalat, a telecom operator in Abu Dhabi. The deal is expected to close by Tuesday.

Millicom said the sale is part of its plans to divest of certain operations, which already include its Cambodian and Laotian businesses, and focus on selling to Latin America and Africa.

Millicom has mobile phone operations in 16 Asian, Latin American and African countries. It also provides cable TV and high-speed Internet services to five Central American nations.

Shares of Luxembourg-based Millicom fell 73 cents to $75.82 in afternoon trading.

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