Bharti Airtel Increases Stake In Airtel Africa To 79.22%, Tightens Grip On African Telecom Market
Indian telecom giant Bharti Airtel has increased its direct stake in Airtel Africa to 79.22%, following the completion of an internal share-for-share transaction with promoter group firm Indian Continent Investment Limited (ICIL).
The transaction, completed on June 22, is part of Bharti Airtel’s strategy to simplify its ownership structure and strengthen its control over its African operations. Before the deal, Bharti Airtel directly owned about 62.73% of Airtel Africa. By acquiring ICIL’s 16.31% holding through a cashless share swap, its direct ownership has now risen to 79.22%.
The share swap, valued at approximately ₹28,200 crore (about $3.3 billion), did not involve any cash payment. Instead, Bharti Airtel issued new equity shares to ICIL in exchange for its stake in Airtel Africa. The move had earlier received overwhelming approval from Bharti Airtel shareholders, clearing the way for the restructuring.
In its regulatory filing, Bharti Airtel said the transaction “has been completed” and confirmed that its direct shareholding in Airtel Africa now stands at 79.22%.
Industry analysts say the restructuring is aimed at consolidating Bharti Airtel’s ownership of one of its fastest-growing businesses while simplifying the group’s shareholding structure. Airtel Africa operates mobile and mobile money services across 14 African countries, including Nigeria, Kenya, Uganda, Tanzania, Rwanda, Zambia, Malawi, the Democratic Republic of Congo and several others. Nigeria remains the company’s largest and most profitable market.
The development comes as Bharti Airtel continues to strengthen its financial position. Just days after the transaction was completed, S&P Global Ratings upgraded the company’s long-term credit rating from BBB to BBB+, citing strong earnings growth prospects in both India and Africa, as well as improving debt levels and a stronger balance sheet.
With the increased stake, Bharti Airtel further reinforces its long-term commitment to Africa, a market that remains central to the company’s international growth strategy.
