Millicom to sell its Senegal business to Wari
Luxembourg, 7 February, 2017 – Millicom announced today that it has signed an agreement for the sale of its Tigo business in Senegal to Wari Group for $129 million. Wari Group, based in Senegal, is a leading platform for digital financial services in Africa.
Mauricio Ramos, CEO of Millicom said: “With the support of the people of Senegal we have been able to empower millions of customers with mobile technology, and to help promote social and financial inclusion across the country. We are grateful to all of our employees, whose drive and commitment has enabled Tigo Senegal to become such a strong and sustainable business and are confident that Wari Group will build on the current strength of Tigo Senegal.”
Kabirou Mbodje, CEO of Wari commented: “The acquisition of Tigo illustrates how an international group such as Wari, born in Africa, is proud to be at the forefront of driving the shift towards an ecosystem that provides social added value and tailored for Senegalese and African customers’ needs. By pooling the advantages of mobile telephony offered by Tigo and the world of benefits provided by Wari, a leading platform for digital financial services, we combine the expertise, energies and ambitions of our teams and our two groups in order to offer more convenient and affordable services to users.”
The transaction is subject to regulatory approvals.
For further information, please visit: www.millicom.com or contact
Vivian Kobeh, Corporate Communications Director
Tel: +352 277 59084 / +44 7971 919 610 / firstname.lastname@example.org
David Boyd, Interim Investor Relations Director
Tel: +44 20 3249 2413 / email@example.com
Mauricio Pinzon, Investor Relations Manager
Tel: +44 20 3249 2460 / firstname.lastname@example.org
Millicom is a leading telecom and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing innovative and customer-centric digital lifestyle services through its principal brand, Tigo. Millicom employs more than 16,000 people and provides mobile services to more than 57 million customers, with a Cable footprint of more than 8 million homes passed. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2015, Millicom generated revenue of USD 6.73 billion and Adjusted EBITDA of USD 2.27 billion.
Incorporated in 2008, Wari is a digital platform offering value added financial and non-financial services to customers, businesses, Institutions and merchants.
Wari’s innovative platform, available in more than 60 countries, 500,000 sending outlets worldwide and 45,000 paying points in Africa, provides a wide variety of products and services (water and electricity bill payment, pensions, scholarships and salary payments, TV subscription, airtime, lotteries, Wari payment cards, remittances, insurance, etc.) and accepts all payment means (cash, bank accounts, vouchers, cards, wallets, etc.).
Wari has partnership with 154 leading banks. More than 1,000 partners are connected to its digital platform.
Wari’s objective, for Africa and abroad, is to promote financial and social inclusion for all, inside an open and integrated Wari ecosystem. Wari is leveraging strategic partnerships, its strong last mile network, and its highly secure platform to provide affordable, simple and convenient services tailored to customers’ needs.
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 1pm CET on 7th February 2017.