Further to the buyout offer announcement of October 4, 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, on Thursday announced the completion of the minority shareholding buyback of Airtel Networks Limited (‘Airtel Nigeria’), a subsidiary of Airtel Africa plc and a leading provider of telecommunication services in Nigeria.
The total consideration for the 8.22per cent minority shareholdings acquired under the buyback is N61 billion, equivalent to $147 million using an exchange rate of N415.07 Naira/USD.
Airtel Africa now holds 99.96 per cent ownership over its largest subsidiary.
Only recently, Airtel Africa Plc., announced on the Nigerian Exchange Limited (NGX) its plans to buy back 8.27 per cent minority shareholdings at an offer price of N55.81 per share from its subsidiary, Airtel Networks Limited (Airtel Nigeria).
As previously reported, the proceeds from these secondary stake sale transactions will be used to reduce group debt and invest in network and sales infrastructure in the respective operating countries.
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