NEW YORK—Millicom International Cellular and Tele2 have agreed on a price of US$80 million for Tele2 to purchase MIC’s Russian cellular telephony assets, plus up to an additional US$30 million, dependent on the outcome of GSM license applications for MIC’s existing cellular telephony operations.
“The opportunity to purchase MIC’s Russian assets is a natural progression following our success in developing the business in the Baltics, notably the Estonian business purchased by Millicom in 1998,” explained Lars-Johan Jarnheimer, chief executive officer (CEO) of Tele2. “Russia is a growth market with exciting prospects, and Tele2 now has a strong base to build a substantial business, with the benefits of eight GSM licenses.”
