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Companies

Airtel Africa raises Sh126b from SoftBank, other investors

Airtel
An Airtel shop. FILE PHOTO | NMG 

Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, said on Wednesday it raised $1.25 billion (about Sh126 billion) from six global investors including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd.

It also said it was looking to go public on an international stock exchange.

The fundraising, through a primary equity issuance, now values the company at $4.4 billion and will be used to reduce existing debt of about $5 billion and grow its Africa operations, Airtel Africa said.

The subsequent market debut will also be used to reduce debt further, it said.

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