Millicom International Cellular (MIC) has sold its Sri Lankan mobile network operating subsidiary Celltel to UAE’s Etisalat for approximately $155 million in total cash proceeds.

Millicom International Cellular (MIC) has sold its Sri Lankan mobile network operating subsidiary Celltel to UAE’s Etisalat for approximately $155 million in total cash proceeds. The transaction values MIC’s Sri Lankan operation at an enterprise value of $207 million. Celltel, which offers services under the Tigo brand, is the third largest operator in the island country with about 3 million subscribers and a 17.3 per cent market share.