Emirates Telecommunications Corporation (Etisalat) has finally acquired Tigo Sri Lanka, a wholly-owned unit of Luxembourg-based Millicom International Cellular SA for $207 million.

The deal is considered as part of the company's strategy to expand its footprint into new markets. Tigo Sri Lanka, which began its operations in 1989, is Sri Lanka's second-largest mobile phone operator with a 21 per cent market share and 2.25 million subscribers.

Apart from latest development, Etisalat has acquired 16.6% stake in SoftAtHome, a software provider of home operating platforms that helps service providers deliver convergent applications for the digital home.

The company officials believe that acquisition will enable Etisalat to develop and provide holistic digital home solutions to its customers.