India · Datacenter Dynamics
Bharti Airtel shareholders vote in favor to increase Airtel Africa stake
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Bharti Airtel shareholders have voted in favor of plans for the Indian telco to expand its stake in its African subsidiary Airtel Africa.
Key facts
- Founded in 2010, Airtel Africa provides telecoms services across 14 African countries, including Chad, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Niger, Nigeria, Republic of the Congo
- It comes after the telco giant confirmed plans last month to increase its stake in Airtel Africa, as part of a stock swap worth $2.9 billion
- As part of the deal, Bharti is issuing equity shares to Indian Continent Investment Limited, a promoter group entity, on a preferential basis, in exchange for its 16.31 percent stake in Airtel Africa
- The company has notably built its stake in British telco giant BT to 24.5 percent
Summary
In a stock exchange filing, Bharti Airtel noted that the "overwhelming majority" of its shareholders voted in favor of the deal. It comes after the telco giant confirmed plans last month to increase its stake in Airtel Africa, as part of a stock swap worth $2.9 billion. As part of the deal, Bharti is issuing equity shares to Indian Continent Investment Limited, a promoter group entity, on a preferential basis, in exchange for its 16.31 percent stake in Airtel Africa. “Airtel Africa is central to our growth strategy and is well positioned to deliver robust performance with an increasing contribution to our consolidated revenues," said Sunil Bharti Mittal, founder and chairman, Bharti Enterprises.