Millicom Purchases Navega

Mobile phone provider Millicom International Cellular S.A. said Friday that it paid a total of $60 million to take full control of joint ventures in Central America and Chad.

The acquisition of Navega in Central America puts Millicom in a better position to expand its mobile phone service in Guatemala, Honduras and El Salvador. The company also purchased the remaining 12.5 percent stake that it didn’t already own in a Chad joint venture so it can accelerate its expansion in that African country. The Chad service ended 2008 with 541,000 subscribers.
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Millicom specializes in providing mobile phone and cable services in less developed countries. The company currently operates in 16 countries with a combined population of 291 million.

Shares in Millicom climbed $1.28, or 3.2 percent, to $41.22 in Friday’s late afternoon trading.


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