Invested through
  • Triodos Pioneer Impact Fund
  • Triodos Multi Impact Fund
  • Triodos Future Generations Fund
  • Triodos Impact Strategy Fund - Defensive
  • Triodos Impact Strategy Fund - Balanced
  • Triodos Impact Strategy Fund - Offensive
  • Triodos Impact Strategy Fund - Dynamic
Asset ClassesListed equity
Impact strategyImpact Equities and Bonds
ISIN codeSE0001174970
Industry groupTelecommunication Services
Aligned with SDGs
  • No poverty
  • Quality Education
  • Gender Equality

Millicom is a provider of cable, fixed line and mobile telecom services dedicated to emerging markets in Latin America and Africa. Through its subsidiaries and joint ventures Millicom offers high-speed broadband connections to 11.5 million homes and mobile phone services to more than 55 million customers of which 15 million are 4G customers. Through Tigo Money, Tigo Cash and Tigo Peza Millicom also offers mobile financial services. Mobile phone services generate 57% of total revenues, cable and fixed line services generate 35% of revenues with the remaining 8% from equipment sales and others. Millicom generates 94% of its revenues from South and Latin America where it operates in Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Colombia, Bolivia, and Paraguay. In Africa the company has divested from several countries over the last 10 years to focus on its American activities and is now only active in Tanzania. Millicom was founded in 1979 in the US. In 1990 it partnered with a Swedish investment group to form Millicom International to be ready for the roll out of wireless networks. Currently Millicom is listed on the Nasdaq in New York but has its headquarters in Luxemburg and employs 22,000 people.

Investment rationale

Communication is a basic need of people. Telecommunication networks are increasingly important to connect with family and friends and to keep societies functioning properly. The Covid-19 pandemic has shown how important digital communication networks have become in our daily lives.

Millicom provides telecommunication services in developing countries in South and Latin America and Africa. This gives over 65 million people access to modern digital communication channels. Most countries in which Millicom is active are predominantly cash-based societies. Through services like digital payments, online accounts and access to microfinance loans Millicom provides access to basic financial services to people who do not have regular bank accounts.

Through programs like Conectate Segur@, Contigo Conectados and Unicef School of Influencers Millicom has reached out to over 500,000 children to educate them about the opportunities, risks and safe use of digital technology. To close the digital gender gap and empower women Millicom runs programs in several countries to improve digital knowledge and skills of women and provide access to finance and digital markets for female entrepreneurs.