Milicom International Cellular acquisition of Zanzibar Telecom

Overview:

• Milicom International Cellular, an international mobile company, acquired an 85% stake in Zanzibar Telecommunications Limited from Emirates International Telecommunications.
• Zanzibar Telecommunications Limited (Zantel), based on the island of Zanzibar, is a mobile company which services Tanzania.
• Zantel operates 2G and 3G services at more than 545 network sites. 
• The Government of Zanzibar still owns a 15% stake in Zantel.
• Millicom will assume debt obligations of $74 million, according to a Millicom statement, but pays $1 cash consideration. 

Rani Mehta - Journalist