You are here: Home » Companies » News
Business Standard

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

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.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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