Middle East-based Etisalat beat other players from across the globe including names such as Vimpelcom, Axiata  as well as Indian bidders Bharti Airtel and BSNL to bag a controlling stake in Luxemburg-based Millicom’s Sri Lanka unit, Celltel.

The all-cash deal is valued at $ 155 million.

“This agreement represents the final element of our recent divestment programme, and upon completion of the previously announced transactions concerning our Cambodian and Laotian operations, will leave the group well positioned to focus on the significant long-term growth opportunities in Latin America and Africa,” Millicom said.

The move marks Millicom’s exit from the Asian market where the company had presence in Laos, Cambodia and Sri Lanka.