Millicom International Sells Laos Operations

NEW YORK (AP) — Millicom International Cellular SA said Wednesday it has agreed to sell its 74.1 stake in its Laos business to Russian telecommunications company VimpelCom for $65 million.

The sale is subject to regulatory approvals and is expected to close by year end.

The Lao government owns the remaining 22 percent of the venture.

Millicom said the price represents about 7.5 times the business' estimated 2009 earnings before interest, taxes, depreciation and amortization.

Millicom has mobile phone operations in 16 countries in Asia, Latin America and Africa and cable and Internet businesses in Central America.

VimpelCom sells telecommunications services in Russia, several former Soviet republics and Vietnam and Cambodia.

Shares of Millicom rose 31 cents to $75.85, and U.S.-traded shares of VimpelCom gained 12 cents to $17.49 in morning trading.