NEW YORK-Motorola Inc. sold its entire equity stake in Honduran wireless carrier Celtel. Millicom International Cellular said it acquired part of the stake from Motorola, bringing Millicom’s ownership to two-thirds of the total outstanding shares. Local minority shareholders purchased the remaining Motorola stake.
The value of the deals was not disclosed.
Millicom previously held 50 percent of Celtel, which is the largest of two wireless carriers in Honduras, according to the RCR Wireless News Worldwide Carrier Chart.
“This acquisition is part of our strategy for growth by increasing our ownership of our existing operations,” said Marc Beuls, president and chief executive officer of Millicom. “Central America has seen an acceleration of growth since the launch of GSM services and has recently been one of our fastest-growing operations. We believe the prospects in Honduras are excellent.”
