Millicom International Cellular (MIC) has announced that it has reached an agreement with Miffin Associates Corp, the 45% co-owner of Tigo Guatemala, with the two parties entering into a put and call agreement. Under the terms of the agreement, Miffin has granted Millicom an unconditional call option for its 45% stake with a minimum term of two years. In return, Millicom has granted its partner a put option for the same duration, exercisable in the event Millicom sells its interest in Tigo Guatemala or undergoes a change of control. As a result of the arrangement, Millicom will fully consolidate its Guatemalan operation from 1 January 2014.
MIC president and CEO Hans-Holger Albrecht commented: ‘Over the years, we have worked very successfully with our partner to grow the company into the most successful mobile player in Guatemala. Today’s agreement strengthens our partnership with Miffin Associates Corp to the benefit of Tigo Guatemala’s people and its customers. This new structure will enable us and our partner to take Tigo Guatemala to new heights in the years to come.’