Regional: Airtel Africa appoints banks for IPO plans; tower sale on hold?
Airtel Africa has kicked off its IPO plans, appointing eight banks (Goldman Sachs, JP Morgan, Citigroup, BofA Merrill Lynch, Absa Group, Barclays, BNP Paribas and Standard Bank) to run the process. The move is part of Airtel Africa’s plans to reduce its debt which currently stands around US$5bn whilst also providing funds to support its operations in an increasingly competitive market. Airtel had previously commenced plans to sell towers in five markets in which it is yet to divest tower portfolios, reportedly having received bids from multiple towercos and beginning the process to narrow down the offers to 2-3 shortlisted bidders.
