Millicom to take full control of mobile operator Tigo Guatemala for $2.2 billion

Telecoms service provider Millicom International said on Friday it had signed an agreement to gain full control of Tigo Guatemala by acquiring the remaining 45% stake from its local joint venture partner in an $2.2 billion all-cash deal.

Through the deal, which is the largest-ever single foreign investment in the Central American country according to the Financial Times, the Luxembourg-based company will own a 100% equity interest in mobile services firm Tigo.

The company said a group of leading international banks will provide bridge financing for the deal, adding, it intends to refinance the bridge with a planned issuance of about $1.5 billion of new long-term debt, and about $750 million of new equity through rights offering likely in the first quarter of 2022.