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Article: Millicom International Cellular: Millicom Acquires Colombia Movil.
- Article from:
- Business Wire
- Article date:
- September 1, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STOCKHOLM, Sweden -- Millicom International Cellular S.A. ("Millicom") (Nasdaq Stock Market: MICC, Stockholmsborsen: MIC), today announces that it has acquired control of Colombia Movil S.A. E.S.P., the third mobile operator in Colombia, which operates under the Ola brand. Ola today has an estimated 9% market share in a country of over 43 million people.
Millicom is acquiring 21.6 million new shares of Colombia Movil, which represents a 50% plus 1 share controlling stake in the Company, for a consideration of US$125 million. Including this initial equity contribution, Millicom expects to invest a total of approximately $200 million of new equity in Colombia Movil ...