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Bharti Looks to Increase Stake in Airtel Africa
May 14, 2026
Bharti Airtel plans to increase its stake in UK-listed Airtel Africa via a $2.9bn share swap. This will be done by issuing up to 146.8mn new shares to the founder-group company Indian Continent Investment Ltd. in exchange for a 16.3% stake in the African subsidiary. The transaction will raise Bharti’s total holding in Airtel Africa to nearly 79% from 62.7%. It is structured as a swap rather than a cash deal, in an effort to preserve balance sheet flexibility while tightening control ahead of a planned IPO of Airtel Money (Airtel Africa’s mobile-money unit), which is targeting up to $2bn in proceeds. Analysts view the deal favorably, noting that it strengthens Bharti’s position in a key growth driver, improving the valuation narrative ahead of the IPO, and reflects confidence in Africa’s long-term trajectory. Bharti’s Africa revenue surged 41% in the most recent quarter, contributing to overall company revenue of INR 553.83bn ($5.8bn), a 16% YoY increase that beat estimates. The share issuance is priced at a roughly 9.5% premium to Bharti’s last closing price, while the Airtel Africa shares are being acquired at an 11.6% discount to their last close. On the domestic front, Bharti’s quarterly net income fell 33% due to a one-time regulatory charge, though its total subscriber base grew to nearly 666mn.
Bharti’s 3.25% 2031s traded stable at 93.9, yielding 4.6%
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