MUMBAI: Millicom, the Luxembourg-headquartered mobile phone network operator controlled by Sweden's Kinnevik Investment AB, has said that it is in advanced discussions for finding a purchaser.

"We are in advanced discussions and due diligence with a potential purchaser of the entire share capital of the company,'' the company said in a statement, adding that no agreement has been reached.

However, media reports name the Hong Kong-based China Mobile Communications Corp. as the company which is about to clinch the deal. According to Wall Street Journal , the company may pay $5.3 billion, or $48 a share, in cash to buy Millicom. Reportedly, China Mobile became the lead bidder for Millicom after Dubai-based Investcom agreed to a takeover by South Africa's MTN.

Millicom's competitors include Vodafone Group Plc and Norway's Telenor ASA. At the end of March 2006, Millicom registered 9.9 million subscribers in 16 countries across Asia, Africa and the Americas, recording an increase of 52 per cent from a year earlier.