May 14, (THEWILL) — Indian telecom giant, Bharti Airtel, is deepening its investment in Africa with plans to raise its stake in Airtel Africa to as much as 90 percent through a proposed $2.9 billion share swap, as the group positions itself for the anticipated listing of its mobile-money business.
The strategy was disclosed by Bharti Airtel founder, Sunil Bharti Mittal, who described Africa as a major long-term growth frontier for the company. According to reports, the consolidation will be backed by Airtel Africa’s ongoing share buyback programme and is expected to strengthen the telecom giant’s influence across its African operations.
Mittal said the company’s expansion into Africa 15 years ago was a “visionary move,” adding that the opportunity remains significant as demand for mobile connectivity and digital financial services continues to surge across the continent.
Airtel Africa currently operates in 14 African countries and is listed on both the London Stock Exchange and the Nigerian Exchange Limited. The company has grown into one of Africa’s leading telecoms and fintech players, driven largely by the rapid adoption of mobile-money services in underserved markets.
The planned consolidation comes ahead of Airtel Africa’s proposed Airtel Money IPO, which could raise up to $2 billion and value the business at around $10 billion. Earlier reports showed the company had appointed Citigroup Inc. as lead adviser for the transaction, although the listing timeline has been shifted to the second half of the year amid global geopolitical uncertainties.
Investor sentiment around the move has remained positive, with analysts viewing the increased stake as a sign of confidence in Africa’s long-term telecom and fintech growth potential.
