- Telecommunications services company Airtel Africa said it has signed an agreement under which Mastercard would invest $100 million in its Airtel mobile commerce business at $2.65 billion valuation.

Airtel Mobile Commerce is currently the holding company for several of Airtel Africa's mobile money operations, the company said.

'Mastercard will hold a minority stake in AMC BV upon completion of the transaction, with Airtel Africa continuing to hold the majority stake, the company said.

'Alongside the investment, the group and Mastercard have extended commercial agreements and signed a new commercial framework which will deepen their partnerships across numerous geographies and areas including card issuance, payment gateway, payment processing, merchant acceptance and remittance solutions, amongst others,' it added.

The transaction is subject to customary closing conditions including necessary regulatory filings and approvals, and the transfer of specified mobile money business assets and contracts into AMC BV.

Story provided by