October 27, 2017 / 4:11 PM / 2 years ago

Senegal's Wari sues Millicom over cancelled telecoms deal

DAKAR, Oct 27 (Reuters) - Senegalese money transfer firm Wari said on Friday it was suing Millicom International Cellular after the Luxembourg-based company cancelled a deal to sell its Senegal subsidiary Tigo to Wari.

Wari struck an initial agreement with Millicom in February to purchase Tigo for $129 million, but Millicom terminated the deal in July and said it would instead sell the business to a consortium that includes NJJ and Teyliom Group.

Millicom has said Wari did not provide the financing required for the deal, a charge Wari denies.

“Wari announces that it has filed a suit against Millicom and that they will have to respond to it on Nov. 13, 2017,” Wari said in a statement.

The statement also said the transfer of Tigo’s mobile licence to Wari was approved by a presidential decree in August and warned Millicom’s shareholders that the company would need official approval to carry out the sale to the consortium.

Millicom could not be immediately reached for comment.

Wari’s acquisition of Tigo, Senegal’s second largest mobile operator, was seen as a challenge to French telecoms giant Orange’s dominance of Francophone West Africa’s mobile market. (Reporting by Edward McAllister; Writing by Aaron Ross; Editing by Mark Potter)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below