Airtel Gets $1.25b From Investors

Airtel Africa Limited has said it has raised $1.25 billion from six of its global investors among which are SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Limited.

This was revealed in a statement by the Chief Executive of Bharti Airtel’s Africa Unit, Raghunath Mandava.

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According to Mandava, the $1.25billion cash, sourced through a primary equity issuance, now values the telco at $4.4 billion.

He said it would be used to trim down the existing debt of about $5 billion and grow its Africa operations.

“The transaction will help us further deleverage 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,” he added.