Millicom agreed to sell its entire stake in Helios Towers, the final move in a strategy by the operator to divest its ownership in the infrastructure company.

The operator sealed agreements with two institutional investors for the trade of its approximately 7.65 per cent stake in Helios Towers. Finalisation of the transaction is expected tomorrow (2 June), subject to conditions.

Millicom reportedly sold a 5.2 per cent stake in Helios Towers in November 2020.

The infrastructure company raised $750 million in June 2020 as part of moves to expand its presence in Africa.

In the opening months of 2021, Helios Towers secured a deal to acquire Airtel Africa’s infrastructure in Madagascar and Malawi for a combined $108 million, and an agreement for exclusive negotiations covering the purchase of around 1,000 towers in Chad and Gabon.

It also recently entered the Middle Eastern market with a purchase of Omantel’s passive tower infrastructure portfolio for $575 million.