Airtel Africa sells shares worth $150m in mobile money unit to QIA
Airtel Africa Plc says Qatar Investment Authority has invested $150m in a secondary purchase of shares in Airtel Mobile Commerce BV, a subsidiary of Airtel Africa.
The telecommunications company said this while announcing the first closing relating to the minority investment transaction with Qatar Holding LLC, an affiliate of the QIA, previously announced by the group on July 30, 2021.
It said in a statement that an additional $50m would be invested at second close upon further transfers of mobile money operations into AMC BV.
According to the statement, under the AMC BV shareholders’ agreement, QIA is now entitled to appoint a director to the board of AMC BV and has certain customary information and minority protection rights.
The telco said the proceeds from the secondary stake sale transaction, along with those of the secondary sale transactions announced earlier with TPG and Mastercard, would be used to reduce its debt and invest in network and sales infrastructure in the respective operating countries.
The statement said with the closing with QIA, Airtel Africa would have received a total of $375m from the three investors.
“Balancing proceeds from the three investors amounting to $125m will be received upon completion of the second close, taking cumulative proceeds from minority stake sales in Airtel Money to a total of $500m,” it added.
