Airtel Africa Plc Completes Airtel Nigeria Minority Buyout Offer

Further to the buyout offer announcement of 4 October 2021, Airtel Africa, a provider of telecommunications and mobile money services with a presence in 14 countries across Africa, on Thursday announced completion of its minority shareholding buyback of Airtel Networks Limited (‘Airtel Nigeria’), a subsidiary of Airtel Africa Plc.

The total consideration for the 8.22 per cent minority shareholdings acquired under the buyback is N61billion, equivalent to $147million using an exchange rate of N415.07 Naira/USD.
Airtel Africa now holds 99.96per cent ownership over its largest subsidiary.

Only recently,Airtel Africaa 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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