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.