Cleary Gottlieb is representing Wari Group in its acquisition from Millicom of its Tigo business in Senegal for $129 million.
Tigo is Senegal’s second-largest mobile operator after Orange, with around 23 percent market share, according to the latest figures from the Autorité de Régulation des Télécommunications et des Postes (ARTP), the national regulator. Tigo Senegal had 3.55 million mobile customers as of September 2016.
Wari Group, based in Senegal, is a leading platform specializing in digital financial services in Africa. The platform counts over 1,000 partners, and its services are available in over 60 countries, with 45,000 paying points across Africa.
The deal, which signed on February 2, 2017, is subject to regulatory approvals.