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TPG's Rise Fund to invest $200 mn in Airtel Africa mobile money biz

The transaction values Airtel Africa's mobile money biz at $2.65 bn

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Airtel Africa

Press Trust of India  |  New Delhi 

Airtel, Airtel money
Photo: Bloomberg

Investment firm TPG's Rise Fund will invest USD 200 million in Airtel Africa's mobile money business at a valuation of $2.65 billion, Bharti Airtel said on Thursday.

Airtel Mobile Commerce BV is currently the holding company for several of Airtel Africa's mobile money operations, and is now intended to own and operate the mobile money businesses across Airtel Africa's 14 operating countries.

The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction, with continuing to hold the remaining majority stake.

"The transaction is the latest step in the Group's pursuit of strategic asset monetization and investment opportunities, and it is the aim of to explore the potential listing of the mobile money business within four years," Airtel said.

Group is also in discussions with other potential investors in relation to possible further minority investments into Airtel Money, up to a total of 25 per cent of the issued share capital of AMC BV.

"The proceeds from the transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries," the statement said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, March 18 2021. 15:41 IST
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