Airtel Africa closes new funding round in Airtel Money arm

(Alliance News) - Airtel Africa PLC on Tuesday said it has now received USD500 million from ...

Alliance News 16 November, 2021 | 10:31AM
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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

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Airtel Africa PLC Ordinary Shares 99.10 GBX 0.97 -
Mastercard Inc Class A 526.60 USD 1.10

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