Oct 16, 2009 (LBO) – Millicom International Cellular will sell its Sri Lanka unit for 155 million US dollars to Etisalat, a Middle Eastern telco, with the sale expected to be completed by October 20, the company said. Millicom has decided to exit its Asian operations in Cambodia and Laos as well as Sri Lanka to focus on Latin America and Africa. “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.