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(Alliance News) - Airtel Africa PLC on Tuesday said it has now received USD500 million from minority stake sales in its mobile money business.
The Africa-focused telecommunications services provider reported a second closing of investments in Airtel Money.
Private equity firm TPG Capital's Rise Fund, the Qatar Investment Authority and Mastercard Inc participated in the latest round.
TPG and QIA each invested a further USD50 million and Mastercard another USD25 million.
"With these second closings, Airtel Africa will have received a total of USD500 million cumulative proceeds from the minority stake sales in Airtel Money from the three investors," Airtel Africa said.
Proceeds will go towards reducing debt and investing in network and sales infrastructure.
Airtel shares were 0.4% lower at 135.34 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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