Conference Call to be held at 3pm CET, 2pm GMT and 9am EST on Friday 3 October, 2008

Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announced that it has completed effective 1 October, 2008 the acquisition of 100% of Amnet Telecommunications Holding Limited (Amnet) following the agreement initially announced on 22 July, 2008. Millicom has purchased Amnet for an enterprise value of US$ 510 million.

Amnet is the leading provider of broadband and cable television services in Costa Rica, Honduras and El Salvador, provides fixed telephony in El Salvador and Honduras, and provides corporate data services in the above countries as well as Guatemala and Nicaragua. In the 12 months ended December 2007, it recorded revenue of US$ 143 million and EBITDA of US$ 56 million (adjusted EBITDA* of US$ 66.5 million) and at the half year to June, 2008 it recorded revenues of US$ 79.6 million and adjusted EBITDA* of US$ 36.3 million from a total reported revenue generating units (RGUs) of 496,000 corporate and residential customers as against 412,000 RGUs at 30 June, 2007.

The acquisition of Amnet will allow Millicom to accelerate its broadband offering across the Central American region which is today its most important region and accounts for 43% of the group’s worldwide revenue, 55% of EBITDA and 38% of subscribers.

Millicom has received the requisite regulatory approval for the acquisition and has recently received US$ 200 million in acquisition financing from two leading commercial banks to fund part of the acquisition price. The acquisition financing is for an initial term of 12 months after which it is intended to be refinanced by a long-term bond or syndicated bank facility.

Marc Beuls, President and CEO of Millicom commented, "This transaction is an important step for us to develop our broadband offer as well as adding what on a standalone basis is a financially strong business. Amnet meets Millicom’s strict requirements for returns on all new investment by providing excellent growth potential aligned with strong margins and good cashflow conversion. In Central America we expect that the demand for broadband will be strong and independent research suggests that broadband is likely to be the fastest growing market segment so that we will be able to bring our marketing skills to work to increase broadband penetration among Amnet’s cable subscribers.