The Congo has one of the largest populations in Africa and the acquisition of Oasis will increase Millicom's population under coverage by over 60 million to 145 million people in seven countries across Africa. The Congo has some two million mobile subscribers and a penetration rate of just 3%; Oasis currently has 77,000 subscribers.

Marc Beuls, President and Chief Executive Officer of Millicom said: "The outlook for mobile telephony in the Congo has improved in recent months with greater stability in the country and an improvement in the economy. The Congo has vast natural resources and a fast growing population and this dynamism suggests that mobile penetration will rise quickly from its current 3%. We have already seen the success of Millicom's low cost operating model and mass distribution network in other African countries which gives us confidence that we will quickly be able to gain significant market share in the Congo."

Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 17 cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 391 million people.