Bharti Airtel's board approved on 13 May a share swap with promoter-group company Indian Continent Investment Limited that lifts its effective stake in Airtel Africa from 62.7% to about 79%, in a transaction valued at about INR282.2bn.
Why Bharti Airtel Limited is buying Airtel Africa plc (16.31% stake)
Airtel said the transaction was cashless, leverage-neutral and accretive to its earnings per share, and gave it a larger economic interest in Airtel Africa, which operates in 14 African countries including Nigeria, Tanzania and Madagascar.
“Airtel Africa is central to our growth strategy and is well positioned to deliver robust performance”
Deal terms and financing
Bharti Airtel is issuing 146.8m new shares on a preferential basis at INR1,923 each, which it said was well above the regulatory floor price and a 9.5% premium to the last close before the relevant date, while the Airtel Africa shares were taken at an 11.6% discount to their price, based on an independent valuer's report on the swap ratio.
Regulatory approvals and timing
Shareholders approved the preferential issue at an extraordinary general meeting on 12 June with nearly 100% of votes in favour. Bharti said it completed the acquisition of the 595.2m Airtel Africa shares on 22 June.
Market context
Airtel Africa reported revenue of US$6.4bn, up 24%, and net profit of US$813m for the year to March 2026, with 185m customers.
