Bharti Airtel edged closer to completing a deal which would take its ownership of Airtel Africa to 79%, winning the backing of almost all of its shareholders to acquire an additional 16% interest in the business.

In a stock exchange filing, Bharti Airtel described the near unanimous support for the deal as reinforcing its confidence in the strategic rationale for the move and potential for long-term benefits.

The deal would see the company issue shares to Indian Continent Investment in exchange for its 16% stake in Airtel Africa and was announced in May.

Bharti Enterprises founder and chairman Sunil Bharti Mittal noted “Airtel Africa is central to our growth strategy and is well positioned to deliver robust performance with an increasing contribution to our consolidated revenues”.

“As we look ahead, we see significant potential in Africa for long-term shareholder value creation,” he added.

The deal is subject to regulatory approval.

Airtel Africa is listed on the London Stock Exchange with a secondary listing in Nigeria. It operates in 14 countries across the continent.

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