Friday
October 26
2018

SoftBank and Singtel are leading a pre-IPO $1.25 billion investment in Africa’s No.2 mobile phone company

By Yomi Kazeem

Airtel Africa, the subsidiary of the Indian telecoms giant Bharti Airtel, is getting a shot in the arm.

The company has raised $1.25 billion from global investors including SoftBank Group, Warburg Pincus, Singtel and Temasek Holdings. The investment sees the company now valued at $4.4 billion. Singapore’s Singtel, which invested $250 million in this round, has a 39.5% stake in Airtel.

Airtel Africa, which is headed by Raghunath Mandava, says it plans an initial public offering on an international stock exchange, although there is no specific timeline.

Photo courtesy of Erik (HASH) Hersman.

Source: Quartz Africa (link opens in a new window)

Categories
Technology
Tags
emerging markets, fintech, mobile money, mobile phones, telecommunications