Millicom to Sell Laos Biz

NEW YORK and STOCKHOLM -- Millicom International Cellular S.A. (“Millicom”) (NASDAQ:MICC - News) (STO:MIC) today announces that it has signed an agreement for the sale of its 74.1% holding in Millicom Lao Co. Ltd., its Laos operation, to VimpelCom for approximately $65 million in total cash proceeds, payable on completion. The transaction values the entire Laos operation at an enterprise value of approximately $102 million, which represents 7.5x estimated 2009 EBITDA.

Completion of the transaction is subject to regulatory approvals, as required. If such approvals are obtained, completion is expected to take place before the end of 2009.

Mikael Grahne, President and CEO of Millicom, commented: "We are delighted to have reached agreement on the sale of our Laos operations to VimpelCom. We are very pleased with the achievements of Millicom Laos over the years, including its strong position in the market. The management has demonstrated its ability to grow the business and I would like to thank all our employees in Laos for their contribution over the years."

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 16 countries in Asia, Latin America and Africa. It also operates cable and broadband businesses in five countries in Central America. The Group’s mobile operations have a combined population under license of approximately 308 million people.

Millicom International Cellular SA (Nasdaq: MICC)

VimpelCom Ltd. (NYSE: VIP)