Millicom Signs for 100% Control of Telecel

European mobile holding company Millicom International Cellular has reached an agreement to acquire a 4% share in its Paraguayan mobile unit Telecel, Millicom said in a statement.

By acquiring this stake, which is subject to regulatory approval, Millicom will become the sole owner of Telecel.

The company also acquired the outstanding 25% minority share in Sentel GSM, its mobile operation in Senegal, Africa.

"Our strategy is to continue to buy out minority holdings when we have the opportunity to do so. The acquisition of minority holdings delivers excellent value to shareholders in that it enables us to fully control the revenues of these businesses which we know well and believe to have excellent prospects," Millicom president and CEO Marc Beuls said.

Millicom recently announced that it has hired Morgan Stanley investment bank as financial advisor to decide whether it should put any of its worldwide operations on sale.

BNamericas.com"

Posted to the site on 6th April 2006