TLS +2.14%: Announced today they have partnered with the Australian Government to acquire the Digicel business in the South Pacific region for US$1.6bn plus up to $250m earn-outs. In the scheme of TLS, this is a small deal but a positive one non-the-less and a better use of capital than doing share buy-backs. We like the direction TLS are taking in terms of growth and continue to remain comfortable holders in the Income Portfolio, all-be-it now with a reduced weighting of 5% having trimmed down from 8% nearer $4.
MM remains bullish TLS
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