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Senegal's Wari sues Millicom over cancelled telecoms deal

Staff Writer |
Senegalese money transfer firm Wari is suing Millicom International Cellular after Millicom cancelled a deal to sell its Senegal subsidiary Tigo to Wari.

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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.

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.

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