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Business Finance Info & Updates

Airtel targets LSE, NSE For £3.6bn Africa operations

Airtel targets LSE, NSE For £3.6bn Africa operations

Airtel Africa has valued its telecommunication business operations in the continent between £3 billion and £3.6 billion as it prepares for full trading of its shares on the London Stock Exchange (LSE) on 3 July.

The company also plans to list on the Nigerian Stock Exchange (NSE), subject to receiving appropriate approvals. Airtel Africa comprises operations in 14 markets primarily across East, Central and West Africa.

In a filing aimed at investors, the company said shares would be priced at between £0.80 and £1 each, equivalent to a valuation for the whole business. Airtel finalised plans for the £595 million initial public offer (IPO) of a stake of its Africa business, with shares scheduled for conditional trading on the London Stock Exchange from 28 June.

In the majority of its units the company runs both telecoms and mobile money services, with the business making a number of moves in recent months to consolidate its position in key countries.

Last week news emerged it had resolved a long-running dispute with authorities in Tanzania, while attempts to merge its business in Kenya with rival Telekom Kenya are ongoing.

Airtel Africa CEO Raghunath Mandava said: “We have built Airtel Africa into the second largest mobile operator in Africa and our clear strategy and efficient business model make us well positioned to capture the growth opportunities across our markets, in voice, data and mobile money.”

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