Airtel Africa Announces Second Closing Of Airtel Money Minority Investment

Airtel Africa in a circular sent to the Nigeria Stock Exchange group and published in its official website announced the second closing relating to the Airtel Money Minority Investment transactions with TPG’s The Rise Fund, MasterCard, and QIA respectively.

The circular reads that, “With the conditions for second closing having now been met, TPG and QIA have each invested a further $50 million and MasterCard a further $25 million in the secondary purchase of shares in AMC BV from a subsidiary of Airtel Africa.”

Airtel Africa concluded that with the second closings, it will have received a total of $500 million in cumulative proceeds from the minority stake sales in Airtel Money from the three investors.

The company assures its investors and various stakeholders that the proceeds would be invested in network and sales infrastructure in the respective operating countries and reduce group debt.

Finally, the company believes that with this positive development it would be able to consolidate its leadership position in the telecommunication market in Africa.