Millicom International Cellular $746 million global rights offering
Davis Polk advised Millicom International Cellular S.A. in connection with its $746 million global rights offering of 70,357,088 common shares, including common shares represented by Swedish depositary receipts. The global offering consisted of an SEC-registered offering in the United States and a concurrent public offering in Sweden, Norway, Denmark and Finland. The common shares are listed on the Nasdaq Global Select Market and the Swedish depositary receipts are listed on Nasdaq Stockholm.
Millicom is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO and TIGO Business brands, it provides a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, and TIGO ONEtv for pay-TV, high-speed data, voice and business-to-business solutions such as cloud and security. As of March 31, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber-cable services through its digital highways to around 50 million customers, with a fiber-cable footprint of close to 13 million homes passed. Founded in 1990, Millicom is headquartered in Luxembourg.
The Davis Polk corporate team included partner John B. Meade, counsel Jake Tyshow and associate Michael Schuster. The tax team included partner Mario J. Verdolini and associate Bradford Sherman. Counsel Sarah E. Kim provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.