Mastercard will invest $100 million in Airtel Africa’s wholly-owned subsidiary Airtel Mobile Commerce BV (AMC BV). As per the transaction, Mastercard will hold a minority stake in AMC BV with Airtel Africa continuing to hold the majority stake.

The deal values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt-free basis.

Mastercard will be infusing money through one of its wholly-owned subsidiaries. The investment will be made through a secondary purchase of shares in AMC BV from Airtel Africa. The transaction is expected to close in two stages, wherein $75 million will be invested at the first stage, after the transfer of sufficient mobile money operations and contracts into AMC BV has been completed. The second tranch of $25 million will be invested post that.