Airtel’s Africa arm raises $1.25 billion

Airtel Africa, a subsidiary of Bharti Airtel, on Wednesday said it had raised $1.25 billion from six global investors through a primary equity issuance in the company.

“Investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others have agreed to invest $1.25 billion through a primary equity issuance in the company at a post money equity value of $4.4 billion,” the company said in a statement.

Raghunath Mandava, MD and CEO, Africa, Bharti Airtel, said: “The transaction will help us further de-leverage our balance sheet and boost our capacity to upgrade networks, expand coverage in different markets and achieve rapid growth of Airtel Money across our operations.”

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