Google will invest up to $1 billion in partnership with Indian telecommunications company Bharti Airtel as it seeks to boost its presence in one of the world’s last great untapped digital markets
The deal includes $700 million investment to acquire 1.28% stake in Bharti Airtel and up to $300 million towards implementing various commercial agreements.
“Airtel Africa listed on the London Stock Exchange in June 2019 and the milestone underscores the growing investor confidence in the business. The company had a market capitalisation of over $7.5* billion (*as per closing price on 26.01.2022) with Enterprise Value at $10.7 billion,” the company said in an exchange filing today.
“This is a significant milestone for Airtel Africa, which becomes part of the FTSE 100 in just two and a half years of listing on the London Stock Exchange joining the most valuable companies. Airtel Africa is a strong player in the African continent, which has emerged as the next growth frontier globally,” said Sunil Bharti Mittal, Chairman, Bharti Airtel.