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Airtel Africa which has a presence in 14 countries across Africa has signed an agreement with Mastercard for a US$100m investment in Airtel Mobile Commerce BV (AMC BV).

AMC BV is a wholly-owned subsidiary of Airtel Africa plc (the “Transaction”) and is currently the holding company for several of Airtel Africa’s mobile money operations and is intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.

The Transaction values Airtel Africa’s mobile money business at US$2.65bn on a cash and debt-free basis.

Mastercard will hold a minority stake in AMC BV upon completion of the Transaction, with Airtel Africa continuing to hold the majority stake. The Transaction is subject to customary closing conditions including necessary regulatory filings and approvals, and the transfer of specified mobile money business assets and contracts into AMC BV.

Read: The Billions transacted over mobile in East Africa

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