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Airtel Africa Ltd, on Wednesday, announced that “it has raised the funding of $1.25 billion from Softbank Group, Warburg Pincus LLC, Temasek Holdings Ltd including the participation three other investors.
The company said, “The new round funding will help the company to value at $4.4 billion and will be used to reduce the existing debt of $5 billion and for the growth of its African operations.”
In a statement issued by, Raghunath Mandava, CEO of Bharti Airtel’s Africa unit he said: “The transaction will help us further deleverage our balance sheet and boost our capacity to upgrade networks, expand coverage in different markets and achieve rapid growth of Airtel Money across our operations.”
“Airtel Africa has seen a turnaround of its business in recent years,” the company said on Wednesday.
“This investment demonstrates the confidence of leading global investors in the company’s ongoing robust growth and profitability.”