Airtel Africa, which is planning an initial public offering (IPO), announced Qatar Investment Authority (QIA) has agreed to invest $200 million through a primary equity issuance in the company.
Airtel Africa will use the proceeds to reduce its existing net debt. Airtel Africa is a subsidiary of Bharti Airtel. This transaction will not involve any sale of shares by existing shareholders, Airtel Africa said.
Airtel Africa earlier received $1.25 billion investment from six investors including Warburg Pincus, Temasek, Singtel and SoftBank Group International and others.
Airtel Africa announced a newly constituted Board of Directors that included representatives from Bharti Airtel and other investors. Airtel Africa has telecom operations in 14 countries across Africa.