Airtel Africa to buyout Airtel Nigeria minorities

Airtel Africa has announced that its subsidiary Airtel Networks Limited (Airtel Nigeria), has initiated a process under which it seeks to buy back the 8.27% minority shareholdings at an offer price of NGN 55.81 per share.

Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be NGN 61.24 billion (c$148.1mn using an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.

According to the Group, further announcement will be made in due course.

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