Millicom struck an agreement to sell its operations in Chad to Morocco-based Maroc Telecom, as part of an ongoing strategy to exit Africa and focus on its Latin American operations.
In a statement, Millicom said the deal was subject to approval from the Chadian authorities. Financial details were not disclosed, while Millicom added the transaction “is not expected to have a material impact on the group”.
The sale in Chad follow recent divestments in Rwanda and Senegal, as part of the company’s strategy to reduce its exposure in Africa in favour of increased focus in Latin America. It now operates in one African market, Tanzania.
For Maroc, the acquisition boosts its presence in the African region, where it also operates in Niger and Central African Republic.
In a separate statement, Millicom also announced a fundraising plan to help finance its recently announced $1.7 billion acquisitions of Telefonica operations in Panama, Costa Rica and Nicaragua.