TPG ventures into African market with purchase of $47.5m stake in telco Cellulant
By Josh Mines
Private equity group TPG has announced its first venture into the African market as its Rise Fund acquired a stake in telco firm Cellulant.
TPG will buy a $47.5m stake in the digital payments provider, which reaches around 40 million people over 11 African countries.
The Rise Fund is making the investment alongside Endeavor Catalyst, Satya Capital, Velocity Capital & Progression Africa.