Global investors to invest $1.25 billion in Airtel Africa through primary equity issuance
October 24, 2018
Global investors including Warburg Pincus, Temasek, Singtel, SoftBank Group International among others have decided to invest $1.25 billion in Airtel Africa through a primary equity issuance. This will help the operator reduce its debt and pave way for an initial public offering.
According to Airtel, the proceeds will be used to reduce its debt from the current $5 billion and grow its business.
Further, Airtel has said that the investment will be done through a primary equity issuance in the company at a post money equity value of $4.4 billion. In addition to this, the transaction will not involve any sale of shares by existing shareholders.
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