BUSINESS

Airtel Africa Confirms Second Closing Of $125m Investment Transactions With TPG, Mastercard

 

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa has announced second closing relating to the Airtel Money minority investment transactions with TPG’s The Rise Fund, Mastercard and QIA previously announced by the Group on 18 March 2021, 1 April 2021 and 30 July 2021 respectively.

In a notice at the Nigerian Exchange, it said with the conditions for second closing having now been met, “TPG and QIA have each invested a further $50m, and Mastercard a further $25m, in the secondary purchase of shares in AMC BV from a subsidiary of Airtel Africa.

“Both QIA and TPG each appointed a director to the board of AMC BV upon the first closings.

“With these second closings, Airtel Africa will have received a total of $500m cumulative proceeds from the minority stake sales in Airtel Money from the three investors. “As previously reported, the proceeds from these secondary stake sale transactions will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.”

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