March 18, 2021
Latham & Watkins advised The Rise Fund,
the global impact investing platform of leading alternative investment firm
TPG, on a US$200 million investment in Airtel Mobile Commerce BV (AMC
BV), a wholly owned subsidiary of Airtel Africa plc. AMC BV is currently
the holding company for several of Airtel Africa's mobile money operations; and
is now 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$2.65 billion. The Rise Fund will hold a minority
stake in AMC BV upon completion of the transaction, with Airtel Africa
continuing to hold the remaining majority stake. The deal is subject to
customary closing conditions including necessary regulatory filings and
approvals, as required, and the inclusion of specified mobile money business
assets and contracts into AMC BV.
The Latham team was led by London private
equity partner Kem Ihenacho with associates Laura Kichenside, Alice Drayton, and
Warren Wellington. Advice on commercial arrangements and financial regulatory
matters was provided by Christian McDermott and Stuart Davis, partners in the
firm’s fintech group.