NEWS

Airtel Nigeria announces offer to buyout minority shareholders

Using an exchange rate of N413.38, the total consideration is estimated to be N61.24 billion.

Airtel Africa has announced that its subsidiary, Airtel Networks Ltd. (Airtel Nigeria), has initiated a process to buy back 8.27 per cent minority shareholdings at N55.81 per share.

The group’s company secretary, Simon O’Hara, disclosed this in a statement on Monday in Lagos.

The statement noted that the total consideration is estimated to be N61.24 billion (using an exchange rate of N413.38), assuming all minority shareholders decide to tender their shares.

“This represents an open offer to all shareholders. A further announcement will be made in due course,” the statement reads.

Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.

NAN

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