Update Accross The Globe

Publish Date : 27.03.21 || category : business

Rise Fund to invest $200m in Airtel Africa


Airtel Africa has announced the signing of an agreement under which The Rise Fund, the global impact investing platform of leading alternative investment firm, TPG, will invest $200 million in Airtel Mobile Commerce, AMC BV, a wholly owned subsidiary of Airtel Africa Plc. AMC 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 all of Airtel Africa’s fourteen operating countries. Information from Airtel Africa revealed that the transaction values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt free basis. According to statement from Airtel, The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction, with Airtel Africa continuing to hold the remaining majority stake. The Transaction is subject to customary closing conditions including necessary regulatory filings and approvals, as necessary, and the inclusion of specified mobile money business assets and contracts into AMC BV. The proceeds from the transaction, according to the statement will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries. Commenting on the deal, Raghunath Mandava, CEO of Airtel Africa, said: “In line with our vision of enhancing financial inclusion, Airtel Africa offers a unique digital mobile financial services platform under the Airtel Money brand.”

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