Bharti to Boost Airtel Africa Stake in $2.9 Billion Deal

Bharti Airtel Ltd. will boost its stake in its UK-listed African subsidiary through a $2.9 billion share swap, before a planned initial public offering of the unit’s mobile-money business.

The board of New Delhi-based Bharti Airtel on Wednesday cleared the issuance of as many as 146.8 million shares to founder group company Indian Continent Investment Ltd. on a preferential basis, according to a regulatory filing. These shares will be swapped for a 16.3% stake in Airtel Africa Plc.