Home » Madagascan tycoon Hassanein Hiridjee acquires Millicom’s Tanzanian operations

Madagascan tycoon Hassanein Hiridjee acquires Millicom’s Tanzanian operations

by Ishioma Emi

Millicom International Cellular S.A. (Millicom) has announced an agreement to sell its Tanzania operations for an undisclosed amount to a consortium led by Axian Group, a pan-African business based in Madagascar controlled by multimillionaire Hassanein Hiridjee. Axiam was part of the consortium that acquired Millicom’s operations in Senegal in 2018.

Millicom, along with its joint venture partner Bharti Airtel Limited also announced an agreement to sell off stakes in AirtelTigo Ghana to the Ghanaian government for $25 million.

Once concluded, the transactions will complete Millicom’s multi-year plan to divest its Africa operations and focus on its Latin American markets, GlobeNewsWire reported.

Hiridjee is the majority shareholder in Axian Group. 

Axian is an investment holding company that owns significant stakes in one of the largest commercial banks in the Indian Ocean, BNI Madagascar Forbes reported. He also owns a controlling stake in Telma, the third largest mobile network in Madagascar with more than 2 million customers, as well as the fuel marketing giant, Jovenna.

The Hiridjee family

The Hiridjee family has lived in Madagascar for over a century. The family migrated from India to trade and, over the years, divested into five key sectors, including real estate, energy, telecommunications, financial services and disruptive innovation. 

To unify its vision, the Hiridjee family established the Axian Group in 2015 with over 3,700 employees in Africa and the Indian Ocean. The group is now directly and indirectly active in 34 African countries. 

According to Forbes Afrique, the family’s net worth is over $300 million as of 2017.

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