Airtel Africa raises $1.25bn to reduce its debt – Finance

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Airtel Africa Ltd, a subsidiary of Bharti Airtel Ltd of India, reported that it raised $ 1.25 billion from six global investors, including SoftBank Group International.

Other investors are Warburg Pincus LLC and Temasek Holdings (Private) Ltd, Temasek and Singtel.

The company said that the investment will be used to reduce the existing debt of Airtel Africa by about $ 5 billion. US and the growth of its African operations.

"… six of the world's leading investors, including Warburg Pincus, Temasek, Singtel, SoftBank Group International, and others, agreed to invest $ 1.25 billion through the initial issue of shares in the company at a cost of about 4.4 billion in cash US $Airtel Africa said in a statement from Business Insider SSA on Wednesday, October 24, 2018.

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Raghunat Mandawa, MD and Chief Executive Officer, Africa, Bharti Eyrtel

(Bharti Airtel)

Raghunath Mandawa, MD and CEO, Africa, Bharti Airtel, commenting on the deal, said:This initial issue of shares clearly underscores the confidence of the world's leading investors in Airtel Africa’s successful business strategy and its potential to sustain growth and profitability. ”

“This transaction will help us further simplify our balance sheet and increase our ability to upgrade networks, expand our reach in various markets and increase Airtel Money’s growth in our operationssaid Mandawa.

Airtel Africa plans an international IPO

According to the statement, Airtel Africa stated that it subsequently intends to begin a public offering of shares and use the proceeds mainly for further debt reduction.

It was further stated that this transaction would not involve the sale of shares by existing shareholders.

Nigerian Division, Airtel nigeria It has more than 39 million active voice signatures in the country according to the data on telecommunications Q2, issued by the statistical office of the country.

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