In Brief: Singtel invests US$250 million in Airtel Africa for 39.5% stake

Singtel has entered into an agreement with its regional associate Bharti Airtel (Airtel) to invest US$250 million in Airtel Africa, the second largest telecom operator in Africa.

In a press release on Wednesday (Oct 24), Singtel said it currently holds a 39.5 percent effective stake in Airtel.

With a customer base of 91 million and operations in 14 countries, Airtel Africa also has 11.8 million subscribers to its mobile wallet service.

Singtel's investment forms part of the US$1.25 billion that Airtel has secured from global investors, including Temasek, Warburg Pincus, and Softbank Group International, through a primary equity issuance in Airtel Africa, at a post-money equity value of US$4.4 billion.

The proceeds will be used to reduce Airtel Africa’s existing debt and grow its business ahead of an intended Initial Public Offering.

Source: Channel NewsAsia

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