Airtel Africa PLC - London-based telecommunication services provider - Qatar Holding LLC, an affiliate of sovereign wealth fund, Qatar Investment Authority, will invest USD200 million in Airtel Africa subsidiary Airtel Mobile Commerce BV. The transaction values Airtel Africa's mobile money business at USD2.65 billion on a cash and debt free basis. The proceeds from the transaction will be used to reduce group debt and invest in network and sales infrastructure in the respective operating countries, Airtel Africa says.
"With today's announcement we are pleased to welcome QIA as a prospective investor in our mobile money business, joining both Mastercard and TPG's The Rise Fund as a further partner to help us realise the full potential from the substantial opportunity to bank the unbanked across Africa," says Chief Executive Raghunath Mandava.
Mastercard Inc invested USD100 million in April and TPG Capital USD200 million in March.
Airtel Africa current stock price: 85.85 pence, up 2.6% on Friday
Year-to-date change: up 14%
By Amrit Sahota; newsroom@alliancenews.com
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Airtel Africa (AAF)