China Mobile Close To Buying Millicom To Expand Footprint

China Mobile Communications is close to acquiring Millicom International Cellular, a Luxembourg-based mobile phone company with presence in fast growing markets of Asia, Africa and Latin America. The deal size is believed to be in the range of $5 billion-plus. Millicom, controlled by Kinnevik Investment of Sweden, has nine million customers in 16 emerging-market countries including Pakistan and Ghana. The combined population in the countries where Millicom has footprint is 390 million, and they are highly underpenetrated. [Via The New York Times]

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