Millicom International Cellular has broken off talks over a potential sale, the operator said in a US Securities and Exchange Commission (SEC) filing.
"The company has been in prolonged discussions and due diligence with one potential purchaser but has now concluded that this purchaser will not be in a position within an acceptable timeframe to make a binding offer that is suitably attractive," the filing said. It did not name the potential buyer.
Millicom operates mobile services in 16 countries in Latin America, Africa and Asia. In May, the Wall Street Journal reported the company was in acquisition talks with China Mobile Communications, China's largest mobile operator. The now-failed deal would have been worth around US$5.3 billion, making it the biggest overseas acquisition by a Chinese company, the report said.
The failed deal would also have been the first international foray for China Mobile, which has 269 million subscribers in its home market.