Millicom Backtracks Tigo Senegal Sale to Wari Group, Finds New Buyer

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Millicom has announced the termination of its agreement to sell its Tigo operations in Senegal to Wari Group.

In February 2017, Millicom had signed an agreement for the sale to the Senegal-based digital financial services platform for $129 million.

Available in more than 60 countries, 500, 000 sending outlets globally and 45, 000 paying points across Africa, Wari provides a range of value added financial and non-financial products and services to customers, businesses and merchants.

The transaction was pending regulatory approvals.

Millicom is a telecom and media company dedicated to emerging markets in Latin America and Africa. It provides innovative and customer-focused digital lifestyle services through its principal brand, Tigo.

While announcing the termination of the agreement, Millicom also revealed that that it had signed an agreement to sell its Senegal business to a consortium consisting of NJJ; Sofima, the Axian Group’s telecom investment vehicle; and Teyliom Group, a diversified investment holding group focused on West and Central Africa.

The deal whose value was undisclosed is subject to customary conditions and regulatory approvals.



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