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Millicom Inc. recently announced plans to merge with its international affiliate, Millicom International Cellular S.A. (MIC), a Luxembourg-based corporation. The merger results from Millicom shareholder desires to hold a more direct ownership in MIC in order to benefit from its cellular business' annual growth. Millicom owns approximately 45 percent of MIC, which is a privately held company that operates cellular telephone networks in 15 countries worldwide through subsidiaries and joint ventures.

Millicom's current primary assets are Innova, a local area network installer, and Prime Time 24, a service delivering major network television programming on a subscription basis. Millicom's non-cellular assets will be spun off to a new entity, said Millicom's CEO J. Shelby Bryan in a recent interview with MOBILE PHONE NEWS Senior Editor Andrea Knotts Bona.

"Many of the Millicom's shareholders have expressed a desire to have an ownership in MIC--many people see MIC as Millicom's most exciting asset. The people wanted a direct ownership because MIC continues to grow at an annual rate of 100 percent," Bryan said.

...MIC Stock May Go Public

The proposed transaction would result in each Millicom shareholder receiving directly, on a tax-free basis, a pro-rata interest in MIC as now indirectly held by Millicom. Based on the present number of outstanding Millicom shares, fully diluted, this would result in approximately 1.26 MIC shares being issued for each Millicom share held. Industriforvaltnings AB Kinnevik (Kinnevik), a Millicom affiliate, and its affiliates and key MIC employees own MIC's remaining approximate 55 percent interest. Kinnevik and these affiliates, in the context of this transaction, intend to reduce their MIC ownership to less than 50 percent.

"The merger also removes any appearance of conflicts as well as opportunities arising from the joint stockholding and shared directors and officers," Bryan said.

Millicom's proposed transaction merges the publicly traded Millicom into the privately held MIC, and then issues MIC's stock to the public. MIC is a privately held company, which is majority owned by two public companies, Millicom and Sweden-based Kinnevik.

After the merger transaction's consummation, the MIC shares received by Millicom stockholders will be qualified for trading in the United States on NASDAQ. Additionally, MIC is seeking a listing on the Luxembourg stock exchange as well as an International Stock Exchange listing in London.