Qatar Holding LLC agreed to acquire 7.5% stake in Airtel Mobile Commerce B.V. from Airtel Africa Plc (LSE:AAF) for $200 million on July 30, 2021. Upon completion of the transaction, Airtel Africa will continue to hold the majority stake. The transaction will close in two stages.$150 million will be invested at first close, subject to customary closing conditions including necessary regulatory filings, with $50 million to be invested at second close once further transfers of certain mobile money operations and contracts into the AMC BV perimeter have been completed.

From first close, QIA will be entitled to appoint a director to the board of AMC BV and to certain customary information and minority protection rights. The transaction first close is expected in August. As per document dated April 4, 2022, Qatar Holding LLC completed the first close of the transaction on 19 August 2021 receiving $150m from Qatar Holdings LLC.

The proceeds from the transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries. Michiel Visser (New York), John Cunningham and Deji Adegoke (both London), Marc Israel, Peita Menon, Jonathan Rogers, Anneka Randhawa (all London), Bertrand Liard (Paris), Genevra Forwood (Brussels), Richard Burke (Washington, DC), Jost Kotthoff (Frankfurt), counsel Joseph Carroll (London) and Peter Chessick (Washington, DC) acted as legal advisor for Qatar Holding. Roddy Martin of Herbert Smith Freehills LLP acted as legal advisor to Airtel Africa Plc.