Business
QIA investment in mobile money business
QIA investment in mobile money business.
About this update from Airtel Africa Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0499H\n Airtel Africa PLC\n 30 July 2021\n \n \n \n \n \n \n \n \n \n \n 30 July 2021\n \n \n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n Airtel Africa plc\n \n \n \n \n \n (\"Airtel Africa\", or the \"Group\")\n \n \n \n \n \n QIA to invest $200 million in Airtel Africa's mobile money business,\nat $2.65 billion valuation. \n \n \n \n \n \n \n London and Lagos: 30 July 2021: \n \n Airtel Africa, a leading provider of telecommunications \n and mobile money services, with a presence in 14 countries across Africa, today announces the signing of an agreement under which Qatar Holding LLC, an affiliate of the Qatar Investment Authority (\"QIA\"), will invest $200 million in Airtel Mobile Commerce BV (\"AMC BV\"), a subsidiary of Airtel Africa plc (the \"Transaction\")\n . \n AMC BV is the holding company for several of Airtel Africa's mobile money operations; and ultimately is intended to own and operate the mobile money businesses across all of Airtel Africa's fourteen operating countries. \n \n \n The Transaction values Airtel Africa's mobile money business at $2.65 billion on a cash and debt free basis. QIA will hold a minority stake in AMC BV upon completion of the Transaction (alongside other minority investors), with Airtel Africa continuing to hold the majority stake. The Transaction is subject to customary closing conditions. \n \n \n Following the announcement on 18 March 2021 of a $200m investment in AMC BV by TPG's The Rise Fund, on 1 April 2021 of a $100m investment in AMC BV by MasterCard and the sale of the Group's telecommunication towers companies in Madagascar and Malawi on 23 March 2021, the Transaction is a continuation of\n \n the Group's pursuit of strategic asset monetization and investment opportunities, and i\n t is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years. \n \n \n The proceeds from the Transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries. \n \n \n \n \n \n Airtel Africa mobile money services\n \n \n Operating under the Airtel Money brand, Airtel Africa's mobile money services is a leading digital mobile financial services platf...