Millicom is selling its Chad operations to Morocco’s Maroc Telecom in line with its strategy of cutting its African portfolio to refocus on Latin America.
The transaction will require approval from Chad’s authorities, but the divestment is the latest in Millicom’s African exit strategy. The group has sold units in Rwanda and Senegal, with ongoing African operations now in just one market (Tanzania).
In a statement, Millicom said that the deal “is not expected to have a material impact on the group” without confirming any financial information. The acquisition will allow Maroc Telecom to strengthen its footprint towards the centre of Africa, where it already has operations in Central African Republic and Niger.
Millicom is shifting its focus towards Latin America, and has recently acquired Telefonica’s units in Costa Rica, Nicaragua and Panama for $1.7 billion. It has announced a fundraising strategy in order to support this move.