Millicom International Cellular SWE : cancels sale of Tigo Senegal to Wari Group, finds new buyer

4 August 2017

Mergers, Acquisitions and Financial Results

Millicom International Cellular (MIC) has announced that it has terminated its agreement to sell Tigo Senegal to local financial services company Wari Group. An agreement was made in February this year between the two parties, in which Wari Group was to pay USD129 million for MIC’s Tigo Senegal, however, MIC has now stated that it has signed a separate agreement to sell its Senegalese operations to a consortium of NJJ, Sofima (managed by Axian Group) and Teyliom Group for an undisclosed fee.

NJJ is a holding company based in France and is owned by Xavier Niel, the founder and main shareholder of Iliad. Axian Group operates primarily in the India Ocean and Africa and provides telecommunications infrastructure and services in these regions.

The third company in the consortium, Teyliom Group is a diversified holding group focused on the regions of West and Central Africa and is owned by Yerim Sow, the company’s only shareholder. The deal is subject to customary closing conditions and regulatory approval.

Source: 4Traders