Thursday, November 21African Digital Business Magazine

Chimera Investment LLC invests $50m in Airtel Africa’s mobile money business

Further to previous announcements, most recently on 16 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the introduction of Chimera Investment LLC as an additional investor in Airtel Mobile Commerce BV (‘AMC BV’), through a $50m secondary purchase of shares from a subsidiary of Airtel Africa plc (the ‘Transaction’). AMC BV is the holding company for several of Airtel Africa’s mobile money operations; and ultimately is intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.

Chimera Investment LLC, through its subsidiary Chimetech Holding Ltd., now holds a minority stake in AMC BV alongside the other minority investors, with Airtel Africa continuing to hold the majority stake.

The Transaction is a continuation of the Group’s pursuit of strategic asset monetisation and investment opportunities, and it is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years.

The proceeds from the Transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.

The profits before tax in the full year ended 31 March 2021 and the value of gross assets as of that date, attributable to Airtel Africa’s mobile money businesses were $185m and $668m, respectively.