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Saturday, November 27, 2021

Airtel Africa to spend $148 mln to buy out 8.27% minority shares in Nigeria operations

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By Samuel Bankole

Airtel Africa on Monday announced that it has initiated a process under which it seeks to buy back the 8.27 percent minority shareholdings in its Nigeria’s operations.

In a regulatory filing, the Africa unit of Bhati of India said it has placed an offer price of  N55.81 per share to lure the minority shareholders into selling their holdings to it.

The telecom firm stated that if the entire minority shareholders enlisted in the share buy back, it will spend about N61.24 billion, equivalent of $148.1 million.

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The communication read: “Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27 percent minority shareholdings at an offer price of  N55.81 per share.

“Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be N61.24 billion (c$148.1 million using
an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.
A further announcement will be made in due course.

Meanwhile, the Airtel Nigeria chief executive Olusegun Ogunsanya has assume his new role as chief executive officer of Airtel Africa Plc.

Ogunsanya assume the new role on October 1, 2021.

Ogunsanya was previously Managing Director and CEO of Airtel Nigeria and was responsible for the overall management of the operations in the Company’s largest market.

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