Millicom formally announced the sale of their subsidiary Tigo Senegal to payments processor Wari Group for $129m on February 8 2017, following an expression of intent by Millicom in early 2016 to consolidate their African operations. The sale will see Millicom hand over its mobile and mobile financial services operations in Senegal, exiting their second African market in under a year.
• Tigo Senegal launched in 1999 and is currently the second largest mobile network in Senegal (by subscribers) and Millicom’s third largest market in Africa.
• As a part of their strategy to sell off their African mobile network operations and focus on Latin America, Millicom is also seeking to dispose of their African mobile financial services, e-commerce and network infrastructure investments.
• Wari Group a leading digital and over-the counter (OTC) financial service provider, based in Senegal will take over the mobile network and integrate their digital financial services into Tigo’s Mobile Financial System (MFS).