Millicom sells last Asian asset to Etisalat

Luxembourg-based Millicom has completed its Asian exit with the sale of Sri Lankan carrier Tigo to Etisalat for €103 million.

The deal values the Sri Lankan carrier at €138 million, or seven times estimated 2009 ebitda, Millicom said.

Earlier this year it sold its share of its Cambodian business to its local partner, the Royal Group, and its stake in Millicom Lao to Russia’s Vimpelcom.

CEO Mikael Grahne said the deal leaves the group “well-positioned to focus on the significant long-term growth opportunities in Latin America and Africa.”