TPG, Mastercard and QIA increase investment in Airtel Africa

Airtel Africa, a provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, announced a second closing relating to the Airtel Money minority investment transactions with TPG’s The Rise Fund, Mastercard and Qatar Investment Authority (QIA) previously announced by the group.

With the conditions for second closing having now been met, TPG and QIA have each invested a further $50 million, and Mastercard a further $25 million, 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 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.

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