In Brief: China Mobile to acquire Millicom

May 24, 2006

China Mobile has reportedly struck a deal to acquire Millicom International, a leading provider of cellular service in underdeveloped world markets.

The Standard said Wednesday that a source confirmed that the transaction had gone through after top bidder Investcom withdrew its offer and dropped out of the bidding.

The price was not revealed; however, The Standard said previous published reports put the price at $4 billion.

Luxembourg-based Millicom has a presence in 16 nations in Latin America, Asia and Africa, and has a subscriber base of nearly 9 million.

If the deal goes through, it would give mainland China the worldwide expansion it has been seeking since losing out in its bid to buy Pakistan Telecom last year. China Mobile is already the world's largest cell provider.

Copyright 2006 by United Press International

Explore further: Samsung targeted by French lawsuit amid alleged labor abuse

Related Stories

How to get more electric vehicles on the road

December 13, 2017

Despite the hype and excitement, not to mention the fanciful visions put forth by Tesla's Elon Musk, electric vehicles (EVs) are not yet winning over the transportation sector.

Report: China Mobile cool on 3G standard

February 1, 2006

China's adoption of a homegrown technical standard for third-generation (3G) wireless service might not be as done a deal as the industry had assumed.

Recommended for you

Cryptocurrency rivals snap at Bitcoin's heels

January 14, 2018

Bitcoin may be the most famous cryptocurrency but, despite a dizzying rise, it's not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting.

Top takeaways from Consumers Electronics Show

January 13, 2018

The 2018 Consumer Electronics Show, which concluded Friday in Las Vegas, drew some 4,000 exhibitors from dozens of countries and more than 170,000 attendees, showcased some of the latest from the technology world.

Finnish firm detects new Intel security flaw

January 12, 2018

A new security flaw has been found in Intel hardware which could enable hackers to access corporate laptops remotely, Finnish cybersecurity specialist F-Secure said on Friday.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.