Wari Group contests Millicom’s decision to back out of sale agreement

4 August 2017

Mergers, Acquisitions and Financial Results

Senegal’s Wari Group has said this week that it will pursue legal action against Millicom International Cellular (MIC) after the Luxembourgish company cancelled the sale of its Tigo Senegal operation to Wari, writes Reuters. In February this year an agreement was made between the two parties in which MIC would sell Tigo Senegal to Wari for USD129 million. However, as reported by TeleGeography’s CommsUpdate earlier this week, MIC has now decided to terminate this agreement and has instead chosen to sell its Senegalese subsidiary to a consortium of NJJ, Sofima (managed by Axian Group) and Teyliom Group.

Wari has challenged this decision and a company spokesperson stated: ‘Wari stresses that this announcement is strongly denounced by the highest authorities in Senegal and that it will be the subject of legal proceedings if Millicom persists in its unilateral decision.’

Source: Telegeography