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Millicom backs out of Tigo Senegal sale to Wari after finding new buyer

Millicom backs out of Tigo Senegal sale to Wari after finding new buyer

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.

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