Magic Circle Duo On Call as Africa Telecoms Company Targets £600M IPO
Airtel Africa is the second company to dual list on the main markets of both the London and Nigerian stock exchanges.
July 11, 2019 at 04:01 AM
2 minute read
Linklaters and Freshfields Bruckhaus Deringer are advising on the £600 million London listing of telecoms company Airtel Africa, which is also listing on the Nigerian Stock Exchange.
Headquartered in London, Airtel Africa is a telecommunications and mobile money services company with offices across 14 countries in Africa.
Linklaters is advising a group of nine bookrunners on the London listing, with a team led by equity capital markets partners Pam Shores and John Lane.
Meanwhile, Freshfields is advising Airtel Africa with equity capital markets partners Julian Makin and David Ludwick leading the firm's team, according to a person involved in the deal.
The company is also being advised on the Nigerian listing by local firms Olaniwun Ajayi and Abdullahi Ibrahim & Co, as well as Indian law firm AZB & Partners.
According to Linklaters' statement, Airtel Africa is the second company to simultaneously list on the premium branches of both the London Stock Exchange and the Nigerian Stock Exchange – the first being Nigerian petrol company Seplat in 2014.
The Nigerian listing places a $4.4 billion valuation on the company, which has about 99 million subscribers on the African continent.
Commenting on the IPO, Pam Shores said: "Over the years, the firm has helped a succession of large African companies to redomicile to the U.K. and list on the London Stock Exchange.
"It is great to see London maintaining its position as a preferred venue for African companies seeking international capital."
Last month, Linklaters advised the underwriters on a first-of-its-kind Shanghai-London listing, while Freshfields advised the bookrunners on the London listing of Swiss Re's ReAssure.
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