Millicom International Cellular will sell its Sri Lanka unit, Tigo for 155 million US dollars to Etisalat, a Middle Eastern telco, with the sale expected to be completed by October 20, the company said.
“We are very pleased to have agreed to sell our Sri Lanka operations to Etisalat,” Millicom chief executive Mikaek Grahne said in a statement.
“Our management team there has performed very well in establishing a strong market position and I would like to thank all our employees in Sri Lanka for their contribution over the years.”
Millicom said the sale valued the firm at 207 million US dollars or 7.4 times estimated earnings before interest tax and depreciation. Millicom has decided to exit its Asian operations in Cambodia and Laos as well as Sri Lanka to focus on Latin America and Africa.
Who is Etisalat?
Etisalat has been the telecommunications service provider in the UAE since 1976.
Etisalat stands 140th among the Financial Times Top 500 Corporations in the world in terms of market capitalization.
It is ranked by The Middle East magazine as the 6th largest company in the Middle East in terms of capitalization and revenues.
Etisalat also offers a range of innovative and modern services to their subscribers. Mobile users enjoy the benefits of excellent voice and data applications like WAP, GPRS, 3G, MMS, Push To Talk, BlackBerry services and others. Enterprise and individual customers on the fixed-line network also benefit from services such as ATM (Asynchronous Transfer Mode), Frame Relay, VSAT and ISDN.
The Corporation offers fixed line services over the Next Generation Network, and has been migrating sections of its users onto the advanced network.
By establishing NGN, Etisalat will be able to offer voice, video and data over one single source, enabling true Triple-Play functionality.
(from lbo.lk and Etisalat.ae)