Airtel Africa said its Nigerian subsidiary, Airtel Nigeria has initiated a process under which it seeks to buy back the 8.27 per cent minority shareholdings at an offer price of NGN 55.81 per share.
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa while its subsidiary Airtel Networks Limited (Airtel Nigeria) is a leading provider of telecommunications services in Nigeria.
A joint statement issued in London and Lagos by Airtel Africa on its website, said: “Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be N61.24 billion (c.$148.1 million using an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.
“A further announcement will be made in due course” concerning the offer to buyout Airtel Nigeria minorities.
Airtel Africa had in May announced the appointment of C. Surendran as managing director and chief executive officer of Airtel Networks Limited (Nigeria) with effect from August 1, 2021.
According to the Nigerian Communications Commission (NCC) second quarter 2021 subscriber figures, Airtel Nigeria recorded 36.23 million data subscribers in June, down from 37.77 million it recorded in April.