Etisalat acquires Millicom Sri Lanka ‘Tigo’ for $207m

Etisalat announced on Saturday it bought a 100 percent stake in “Tigo Sri Lanka”, a subsidiary of Nasdaq listed Millicom International Cellular S.A, for an enterprise value of $207 million.

Tigo Sri Lanka reportedly has a national market share of 21 percent with 2.2 million subscribers. It is the nation’s second-largest mobile phone operator.

Commenting on the acquisition, Etisalat chairman Mohammed Hassan Omran, said: “This new acquisition is a clear example of Etisalat’s international investments strategy of seizing distinctive growth opportunities and maximizing value to shareholders.”

He added, “Entering the Sri Lankan telecom market is a logical addition to our interests in the Asia continent. The acquisition promises attractive returns as the Sri Lankan Government is increasing its effort to promote foreign investment in all sectors.”