Airtel Africa reaches 2nd closing of Airtel money minority investments

Airtel Africa Plc has reached the second closing relating to the Airtel money minority investment transactions with TPG’s The Rise Fund, Mastercard and QIA.

Airtel Africa’s Group Company Secretary, Mr Simon O’Hara, announced this in a notice posted on the website of the Nigerian Exchange (NGX) Ltd. on Tuesday in Lagos.

The notice said that the transactions had previously been announced by the group on March 18, April 1 and July 30, respectively.

“With the conditions for second closing having now been met, TPG and QIA have each invested a further 50 million dollars, and Mastercard a further 25 million dollars, in the secondary purchase of shares in AMC BV from a subsidiary of Airtel Africa.”

“Both QIA and TPG each appointed a director to the board of AMC BV upon the first closings.”

“With these second closings, Airtel Africa will have received a total of 500 million dollars cumulative proceeds from the minority stake sales in Airtel money from the three investors.”

“As previously reported, the proceeds from these secondary stake sale transactions will be used to reduce group debt and invest in network and sales infrastructure in the respective operating countries,” it said.