Singtel invests US$250 million in Airtel Africa to pare debt before IPO: Update

SINGAPORE (Oct 24): Singtel has entered into an agreement with its regional associate Bharti Airtel (Airtel) to invest US$250 million ($344.7 million) in Airtel Africa, a subsidiary of Airtel with operations in 14 African countries.

The proceeds will be used to reduce Airtel Africa’s existing debt and grow its business ahead of an intended Initial Public Offering.

Singtel holds a 39.5% stake in Airtel. The investment forms part of US$1.25 billion that Airtel has secured from global investors, including Temasek, Warburg Pincus and Softbank Group International, through a primary equity issuance in Airtel Africa valued at US$4.4 billion.

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