Google Seeks to Acquire Stakes in Airtel, Invests N415 Billion
- Airtel is set to become the biggest telecom operator on the African continent as internet and search engine giant, Google is set to invest over N400 billion in the company
- Google said the money will be used cover a lot of Android-enabled devices to consumers’ innovative affordable programmes.
- Sundar Pichai, Google's CEO said Google’s commercial and equity investment in the company is a continuation of Google for India Digitization Fund
Airtel Africa is set to become the biggest telecoms operator on the African continent with the latest interest shown by search engine giant, Google.
Reports reaching Legit.ng says the global internet behemoth intends to acquire a 1.28 per cent in the company and invest over N400 billion in the company.
Source: Getty Images
Google said it will invest the money in the Indian telecom operator as part of an N4.15 trillion commitment to India.
How Google will disburse the fund
The latest funding will be in two tranches and the first N290 billion channelled towards the procurement of a 1.28 stake in the company while the remaining N124.5 billion used to explore multi-year commercial agreements with the telecom firm.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
The contract will see the two companies work to grow and expand Airtel’s offerings to cover a lot of Android-enabled devices to consumers’ innovative affordable programmes.
What Google is saying
The Chief Executive of Alphabet, Sundar Pichai, Google’s parent company, said Airtel is a leading pioneer that is shaping India’s digital future, and Google is proud to collaborate on a vision for expanding connectivity.
He said Google’s commercial and equity investment in the company is a continuation of Google for India Digitization Fund’s steps to increase access to smartphones.
Airtel overtakes Dangote Cement
Legit.ng reported that Airtel Africa which is a member of the SWOOT, that is, Stocks Worth Over One Trillion, is now the most capitalised company listed on the Nigerian Stock Exchange, surpassing Dangote Cement, owned by Aliko Dangote, Africa’s richest man.
It was the second-biggest telecoms company in Nigeria to cross the N5 trillion mark for the first time on Friday, January 28, 2022, as the stocks gained 9.9 per cent to close at N5.4 trillion. It is a watershed as this is the first time any Nigerian company has crossed the N5 trillion threshold.
The company overtook Dangote Cement as the most capitalised stock on Thursday, January 27, 2022, after gaining 10 per cent, closing at N1,271 per share.
Source: Legit.ng
