Bharti Airtel to sell 5% stake to Qatar Foundation
03 May 2013 | Mitch Sayers
Bharti Airtel has agreed to sell a 5% stake in its company to the Qatar Foundation Endowment (QFE) for $1.26 billion.
Indian operator Airtel will sell the stake to the investment arm of the Qatar Foundation in an effort to raise funds for future investments in its African division.
The company said in a statement that the QFE deal would “further strengthen the capital structure and provide further flexibility for the company to deliver on its growth strategy”.
The Financial Times reports that QFE will get a seat on Airtel’s board as part of its investment.
In late April, Airtel signed a definitive agreement to fully acquire Warid Telecom Uganda.
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