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Home Business Banking & Finance

Qatar Holding LLC to invest $200 million in Airtel’s mobile money business

4 years ago
in Banking & Finance, Business, Editor's pick, highlights, Home, home-news, latest News, Markets, Telecom
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Qatar Holding LLC to invest $200 million in Airtel’s mobile money business

Qatar Holding LLC is an affiliate of the Qatar Investment Authority. Meanwhile, Airtel Mobile Commerce BV (AMC BV) is a holding company that oversees Airtel’s money operations across Africa and elsewhere.

Reports suggest that Qatar Holding LLC wants to invest the money through a secondary purchase of shares in AMC BV from Airtel Africa Plc.

The purchase of shares will be made in two phases. The Investment Authority will first release $150 million, followed by $50 million during the second stage.

Qatar Investment Authority will then take ownership of a minority stake in Airtel Africa when the investment rounds are completed.

The first phase of the investment rounds is expected to be completed in August. Afterward, Qatar Investment Holding will be entitled to appoint a director to the Board of AMC BV.

The transaction, which valued Airtel Mobile Commerce BV at $2.65 billion, is still subject to some regulatory approvals in the meantime.

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According to Airtel Africa Plc, the proceeds from the investment will be used to reduce its debts and improve network and sales infrastructure.

Commenting on the development, Airtel Africa’s Chief Executive Officer, Raghunath Mandava, said, “With today’s announcement we are pleased to welcome QIA as a prospective investor in our mobile money business, joining both Mastercard and TPG’s The Rise Fund as a further partner to help us realise the full potential from the substantial opportunity to bank the unbanked across Africa.”

Source: businessinsiderafrica
Via: norvanreports
Tags: $200 million in Airtel’s mobile money businessNigerian Stock ExchangeQatar Holding LLCQatar Holding LLC to invest $200 million in Airtel’s mobile money businesstelecommunication companies
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