Milllicom has announced that Swedish investment company Kinnevik intends to divest its shareholding in the Latin America-focused telecommunications group, operating under the TIGO brand, through a public offering and a distribution to Kinnevik’s shareholders.

The investment company is currently Millicom’s largest shareholder and will offer to divest about 11 million shares of the total 37.2 percent of Millicom shares it owns, and distribute the remainder of its holding to shareholders.

In a statement, Millicom said the 11 million shares currently being offered represent around 10.8 percent of Millicom’s total outstanding shares.

Conditional upon the successful completion of the offer and sale, Kinnevik has also communicated its intention to carry out a distribution to its shareholders of its entire remaining interest in Millicom in December 2019.

Luxembourg-based Millicom acquired Telefonica’s mobile telecommunications assets in Panama, Costa Rica and Nicaragua for a total of US$1.65 billion in February, having earlier rejected a takeover offer from Liberty Latin America.

In 2018, Liberty Latin America acquired an controlling interest in Costa Rica’s cable operator, Cabletica.