Telecommunications company Airtel Africa's money management arm has sold a USD 200 million minority stake in the business to funds controlled by alternative investment firm TPG. Latham & Watkins acted for TPG 's global impact investing platform, The Rise Fund, on providing USD 200 million to Airtel Mobile Commerce (AMC), a wholly owned subsidiary of Airtel Africa and the mobile money business of Airtel's Africa operations. The investment values Airtel Africa's money business at USD 2.65 billion on a cash and debt-free basis. Airtel Africa, headquartered in London and a subsidiary of Indian telecommunications services company Bharti Airtel, went public on the London Stock Exchange and Nigerian Stock Exchange in July 2019 with help from Linklaters.