Millicom Agrees to Sell Its Rwandan Business; No FVE Change, and Shares Remain Undervalued
On Dec. 19, Millicom announced that it has agreed to sell its operations in Rwanda to Bharti Airtel. While the price at roughly 6 times EBITDA seems fair, we are a bit surprised that Millicom is selling out of Rwanda, a country where it is the second-largest wireless operator and almost twice the size of Bharti, the third operator. We are also concerned the deal will not be approved by regulators, since it would take the country to just two wireless operators. Hence, we are not removing Rwanda f...
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