Airtel Africa has announced that Qatar Investment Authority (QIA) will invest $200 million in the company through a primary equity issuance.
According to Airtel, the funds will be used to reduce the Africa unit’s debt, thereby also strengthening Bharti Airtel’s consolidated books. It will help the UK-based holding company of Airtel’s Africa operations cut its net debt to roughly $3.5 billion.
This investment from QIA is in addition to the recent $1.25 billion investment by six leading global investors, including Warburg Pincus, Temasek, Singtel, and SoftBank Group International. Representatives from the six investors have already joined the Airtel Africa board.
“We are excited to welcome Qatar Investment Authority as a long term strategic equity partner. This transaction will not involve any sale of shares by existing shareholders,” says Airtel in a statement.
“The QIA said it looks forward to supporting Airtel’s vision in building a world-class business in the African continent.
