Mergers and Acquistions News
Categories: Telecoms
October 2nd 2008, 12:43PM
Global telecommunications firm Millicom International Cellular has announced the completion of its acquisition of Amnet Telecommunications.
Following an agreement originally announced in July, it has made an investment of 100 per cent for a total enterprise value of $510 million (£289 million pounds).
Millicom said Amnet is the leading provider of cable television and broadband services in Costa Rica, El Salvador and Honduras and also provides fixed telephony to consumers in the latter countries.
In the 12 months ended December 2007, Millicom generated revenues of $143 million.
Marc Beuls, president and chief executive officer of Millicom, said: "This transaction is an important step for us to develop our broadband offer as well as adding what on a standalone basis is a financially strong business."
He added Amnet meets the company's standards for investments by providing robust margins and cash flow with a strong potential for growth.
In August 2008, Millicom launched 3G services in Bolivia, Guatemala and Honduras.
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