News
Telco cancels Tigo sale to Wari, offloads it to consortium that includes Xavier Niel’s NJJ instead.
Millicom on Monday announced it has cancelled the sale of its Senegal arm to Wari and agreed to sell it to a consortium that includes Xavier Niel’s investment firm NJJ instead.
The telco first agreed the $129 million deal to sell Tigo Senegal to digital financial services specialist Wari in February.
Based in Dakar, Wari offers a range of services, including money transfer, bill payment and mobile top-up.
Millicom did not say why the agreement was cancelled, nor did it disclose how much the new buyers have agreed to pay.
The company has struck a deal with a group of investors comprised of: NJJ Holding, which is controlled by telco entrepreneur and owner of France-based Iliad, Xavier Niel; Axian Group, which invests in infrastructure companies in Africa and the Indian Ocean; and Teyliom Group, an investment firm owned by Senegalese entrepreneur Yerim Sow.
Millicom is in the process of selling or merging various operating units so it can concentrate on its strongest markets.
In March, it agreed to combine its Ghana business with Bharti Airtel’s, creating the country’s second-largest player.
In April 2016, it completed the sale of its Tigo operation in the Democratic Republic of Congo to Orange. The French incumbent was also named as a possible buyer of Millicom’s Chad arm.
