Tuesday, November 16, 2021 / 11:21 AM / byNGX / Header Image Credit: Tech Crunch

AirtelAfrica, a leading provider of telecommunications and mobile money services,with a presence in 14 countries across Africa, today announces second closingrelating to the Airtel Money minority investment transactions with TPG's TheRise Fund, Mastercard and QIA previously announced by the Group on 18 March2021, 1 April 2021 and 30 July 2021 respectively.

With the conditions for second closing having now beenmet, TPG and QIA have each invested a further $50m, and Mastercard a further$25m, in the secondary purchase of shares in AMC BV from a subsidiary of AirtelAfrica.

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

With these second closings, Airtel Africa will havereceived a total of $500m cumulative proceeds from the minority stake sales inAirtel Money from the three investors. As previously reported, the proceedsfrom these secondary stake sale transactions will be used to reduce Group debtand invest in network and sales infrastructure in the respective operating countries.

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