Millicom Sells Cambodian Mobile Network

Millicom International has sold its Cambodian mobile network subsidiary to its local partner, The Royal Group for US$346 million. The sale comprises Millicom's 58.4% holdings in CamGSM, Royal Telecam International and Cambodia Broadcasting Services. The transaction values the Cambodian operations at an enterprise value of $605 million, which represents 7.1x estimated 2009 EBITDA.

Mikael Grahne, President and CEO of Millicom, commented: "We are delighted to reach agreement on the sale of our Cambodian operations to our local partner, the Royal Group. We are very proud of having played an important role in the development of the leading mobile operator in Cambodia and are very confident of the continued success of Mobitel and its people within the Royal Group."

Only yesterday, Japan's DoCoMo expressed an interest in buying a Cambodian mobile network, and was looking at Millicom's assets.

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 16 countries in Asia, Latin America and Africa. It also operates cable and broadband businesses in five countries in Central America. The Group's mobile operations have a combined population under license of approximately 308 million people.

Posted to the site on 11th August 2009