Airtel Africa, a UK incorporated subsidiary of Bharti Airtel, announced that six leading global investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others have agreed to invest USD 1.25 billion through a primary equity issuance in the company at a post money equity value of ~ USD 4.4 billion.
The proceeds will be used to reduce Airtel Africa's existing debt of approx.
USD 5 billion and for growth of its African operations. Airtel Africa subsequently intends an Initial Public Offering and use the proceeds primarily for further reduction of debt.
The present transaction will not involve any sale of shares by existing shareholders.
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