Investment firm TPG’s Rise Fund will invest $200 million (around Rs 1,450 crore) in Airtel Africa’s mobile money business, Airtel Mobile Commerce BV, at a valuation of $2.65 billion, Airtel said on Thursday.
With this transaction, Rise Fund is estimated to get a 7.5 per cent stake in Airtel Mobile Commerce (AMC) BV which is currently the holding company for several of Airtel Africa’s mobile money operations.

The transaction will close in two stages. An amount of $150 million will be invested at the first close, once the transfer of sufficient mobile money operations and contracts into AMC BV has been completed, with $50 million to be invested at the second close upon further transfers.

Airtel Africa is also in discussions with other potential investors in relation to possible further minority investments into Airtel Money, up to a total of 25 per cent of the issued share capital of AMC BV, the statement said.

Spectrum payment

Operators Reliance Jio, Bharti Airtel and Vodafone Idea have made upfront payments to the telecom department for the spectrum they acquired in the recently-held auctions, industry sources said on Thursday.

Sources said that Reliance Jio has made an upfront payment of about Rs 15,019 crore, while Bharti Airtel has paid around Rs 6,323 crore as the immediate upfront amount.

Vodafone Idea has paid about Rs 574 crore, as stipulated, they said.