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.
\"For Millicom<\/a>, this new investment reflects our continued confidence in the thriving economy of Guatemala<\/a> and our renewed commitment to the digital transformation of its society,\" Chief Executive Officer Mauricio Ramos said in a statement.
The deal, which is expected to be significantly and immediately accretive to Millicom's cash flow, is expected to increase Millicom's equity free cash flow by about $200 million before incremental financing costs.
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