Millicom plans financing by end of 2012 for €340 million acquisition

By Sahara Marte

New York, Aug. 20 - Millicom International Cellular SA plans to complete financing transactions by the end of 2012 for its €340 million acquisition of Rocket internet, Francois-Xavier Roger, chief financial officer, told the company's investor's meeting.

"We are looking at different options," Roger added. "We will finalize it between now and the end of the year."

Millicom entered an agreement with Rocket internet to set up franchises in Latin America and Africa intended to exploit demand, said Mikael Grahne, chief executive officer.

The company made its first tranche investment of €85 million for the online segment of Rocket internet. Millicom plans to acquire the entire company for €340 million, including the initial payment.

As these investments proceed, shareholder returns for 2012 will not be diluted, Grahne assured.

"A fantastic growth opportunity in the online sector," Grahne said of the Rocket acquisition. "Online and e-commerce has been the fastest growing markets in the past 10 years."

Millicom is a telecommunications group based in Luxembourg.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.