20th Aug 2021 11:17
(Alliance News) - Airtel Africa PLC on Friday said it has reached the first closing of the investment from Qatar Investment Authority at a sum of GBP150 million.
The London-based company, which has offices in Lagos, Nigeria, is a telecommunications firm that offers mobile voice, data and money services.
The minority investment from Qatar Holding LLC, a subsidiary of sovereign fund QIA, was announced at the end of July.
As the first closing conditions have now been met, QIA has invested USD150 million in a secondary purchase of shares in Airtel Mobile Commerce BV, a subsidiary of Airtel Africa.
A further USD50 million will be invested at second close upon further transfers of mobile money operations into the AMC BV subsidiary.
Airtel Africa has now received a total of USD375 million from three new investors, the others being TPG Ltd and Mastercard Inc. Balancing proceeds of USD125 million from the three investors will be payable upon completion of the second close.
Cumulative proceeds from minority stake sales are set to total USD500 million.
Under the AMC BV agreement, QIA is entitled to appoint a director to the AMC BV board.
Shares in Airtel Africa were up 0.3% at 94.40 pence in London on Friday.
By Josie O'Brien; [email protected]
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