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Wednesday, March 29, 2023

Airtel Africa Completes $147m Buyout of Nigeria Shareholders

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Airtel Africa has 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 8.22 percent minority shareholdings acquired under the buyback is N61bn, equivalent to $147m using an exchange rate of 415.07 NGN/USD.

Consequently, Airtel Africa now holds 99.96% ownership over its largest subsidiary (Airtel Nigeria).

Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa.

The buyout offer was earlier announced on 4 October 2021.

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