Millicom Agrees to Merge Ghanaian Operation; Shares Remain Undervalued
Millicom announced it has agreed to merge its Ghanaian operation with Bharti Airtel's into a 50/50 joint venture. The combined company will be the second-largest wireless operator in the country, moving ahead of Vodafone but still trailing MTN. While we are pleased to see this merger, we are maintaining our fair value estimate and narrow moat rating. We believe Millicom remains undervalued, and it is one of our favourite telecom names.Millicom significantly improved its margins and returns on ...
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