Airtel Africa said that the Qatar Investment Authority (QIA), which is the sovereign wealth fund of the State of Qatar, has invested USD 200 million through a primary equity issuance in the company.
Airtel Africa said the proceeds will be used to reduce Airtel Africa’s existing net debt, adding that it has completed the share issue.
It said the investment from QIA is in continuation of the recent USD 1.25 billion investment by six global investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International.
Airtel Africa said that this transaction will not involve any sale of shares by existing shareholders.
Its debt currently stands at approximately USD 3.7 billion and it has been working on trimming it through funds.
It recently announced a newly constituted board that included representatives from Bharti Airtel and other investors.
SOURCE: Telecom Paper