Millicom has scrapped its agreement to sell its Tigo Senegal unit to Wari Group after finding a different buyer for the operations.
Having agreed in February to sell Tigo Senegal to Wari Group for $129 million, Millicom stated that it had “exercised its right” to terminate this arrangement.
The new buyer is a consortium made up of NJJ Capital, Sofima, and Teyliom Group. Iliad founder Xavier Niel controls NJJ, which Millicom noted holds “various stakes in a broad range of companies in Europe and the US”. Sofima is an investment firm controlled by Axian Group, which has several holdings in the telecoms space, while Teyliom is a diversified holdings company with a focus on west and central Africa.
The deal is subject to further regulatory approvals and customer closing conditions. Millicom did not disclose the price agreed with the consortium.