February 7, 2017 / 8:39 PM / 3 years ago

Millicom agrees to sell Senegal unit for $129 mln

DAKAR, Feb 7 (Reuters) - Luxembourg-based Millicom International Cellular said on Tuesday it had signed an agreement to sell its Tigo Senegal subsidiary to the local Wari group for $129 million.

Millicom provides mobile services to more than 57 million customers and its business focuses on Latin America and Africa, while Wari provides digital financial services in Africa with 500,000 sending outlets worldwide and 45,000 paying points.

Tigo is the second biggest mobile phone operator in Senegal after Wari.

The deal will enable Wari to offer more convenient and affordable services, Wari’s chief executive, Kabirou Mbodje, said in a statement.

The transaction is subject to regulatory approval by authorities in Senegal.

Digital financial services are expanding rapidly in Africa in parallel with the growth in smartphone use and Wari’s move should enable it to enter the telephony market for the first time. (Reporting by Diadie Ba; Editing by Matthew Mpoke Bigg and Adrian Croft)

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