Millicom sells 8.4% of the shares in BIMA as part of a transaction that sees Allianz X investing $96.6 m in the micro-insurance business
Luxembourg, 19 December, 2017 – Millicom announced today that it has reduced its ownership stake in BIMA from 20.4% to 12.0% as part of a transaction that sees Allianz X investing $96.6m in the micro-insurance business. As a result of the transaction, Millicom receives $24m in cash.
BIMA is a leading digital micro-insurer utilizing mobile technology to serve low-income customers in Africa, Asia and Latin America. BIMA’s proprietary technology delivers affordable insurance and health products to emerging markets customers. Since launching in 2010, BIMA has scaled operations in 14 countries and has 24 million registered customers to date.
Mauricio Ramos, CEO of Millicom, commented: “Being one of the founding shareholders of BIMA, we see this new strategic investment of a leading insurance company such as Allianz into the company as a big success, and as a testament that digital technology has the power to transform lives in emerging markets.”
Millicom remains an investor in BIMA who has continued belief in the company’s potential and supports its partnerships in Ghana, Tanzania, Senegal, Honduras and Paraguay.
The sale is part of a larger transaction including sales by shareholders such as Leapfrog, a new investment by Allianz, and additional investment by existing shareholder Kinnevik.
For further information, please contact
Vivian Kobeh, Corporate Communications Director
+1 305 476 7352 / +1 305 302 2858
Michel Morin, VP Investor Relations
+352 277 59094
Mauricio Pinzon, Investor Relations Manager
Tel: +44 20 3249 2460
Millicom is a leading provider of cable and mobile services dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing high-speed broadband and innovative digital lifestyle services through its principal brand, Tigo. As of December 2016, Millicom employed about 18,000 people and provided mobile services to more than 57 million customers, with a Cable footprint of more than 8.1 million homes passed. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2016, Millicom reported revenue of USD 6.25 billion and EBITDA of USD 2.17 billion.
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