Telecom and media company Millicom announced Monday that it will be selling its Democratic Republic of Congo (DRC) business to Orange S.A.

Millicom will sell 100% of its share capital in Oasis SA for a total cash consideration of $160 million, subject to regulatory approvals, after signing an agreement with Orange.

"The sale of Tigo DRC is in line with our strategy of supporting consolidation and concentrating our resources in our most promising markets," commented Mauricio Ramos, CEO of Millicom. "Proceeds from the sale will strengthen our balance sheet allowing us to reinvest in our existing Latin American and African markets, improving earnings and cash flow and reducing leverage."