Millicom backs out of plans to sell Tigo Senegal to Wari

Millicom

Millicom said it has terminated its plans to sell its Tigo operations in Tigo Senegal to Wari Group.

Millicom said in a brief statement that it has signed an agreement to sell its Tigo Senegal to a consortium consisting of NJJ, Sofia (telecom investment vehicle managed by the Axian Group) and Teyliom Group, subject to customary closing conditions and regulatory approvals.

Millicom has not disclosed why the deal was terminated.

NJJ is Xavier Niel’s private holding company, incorporated in France. NJJ holds various stakes in a broad range of companies in Europe and the USA. Xavier Niel is the founder and main shareholder of Iliad, the parent company of Free in France.

Axian Group is present in infrastructure and services in countries located in the Indian Ocean and Africa, including: telecommunications through Telma, Tom, TRM and Telco OI; energy through Jovenna and Edm; financial services through Bni Madagascar and Mvola; and real estate with First Immo. The Axian Group belongs to the Hiridjee family.

Teyliom is a diversified investment holding group focused on West and Central Africa and controlled by Mr Yerim Sow, its sole shareholder. It operates through five key strategic business units, Teyliom Telecom, Teyliom Properties, Teyliom Hospitality, Teyliom Finance and Teyliom Industries. Teyliom is one of the precursors of mobile telephony in Africa and has been an active player in the sector since 1996.