QFE Announces it Entered into A Binding Agreement with Bharti Airtel

New Delhi / Doha, May 3 (QNA)-Qatar Foundation Endowment (QFE) on Friday announced that it has entered into a binding agreement with Bharti Airtel (Bharti), a leading global telecommunications services provider with operations in 20 countries across Asia and Africa, under which Bharti will issue 199,870,006 of its new shares to QFE, representing a shareholding of 5% in the Company, post issuance of the new shares. As per the agreement, QFE will pay INR 340 per share amounting to a total consideration of USD 1.26 billion (INR 6796 crores). The investment will further strengthen the capital structure and provide further flexibility for the Company to deliver on its growth strategy. Speaking on the agreement, Rashid Al-Naimi, Acting Chief Executive Officer, QFE, said, "We are excited to be making a significant investment in one of the leading telecommunications companies in the world. As a long-term global investor, our shareholding gives us exposure to a high growth sector in key emerging markets. QFE looks forward to supporting Bharti in realising the full potential of this world class business." For his part, Sunil Bharti Mittal, Chairman, Bharti, commented, "I am delighted to welcome another high quality long-term institutional investor to our shareholder base. This strategic partnership with QFE demonstrates the confidence they have in the Company and our strategy for growth. In addition, this agreement exemplifies further strengthening of the already deep economic and cultural relations between Qatar and India. We look forward to a long and fruitful partnership with QFE". Goldman Sachs acted as sole financial advisor to QFE on this investment. It is worth to mention that Qatar Foundation Endowment ("QFE") is a long-term global investor with a broad mandate to make direct and managed investments. QFE was recently established to provide a sustainable income stream that will ultimately fund Qatar Foundation for Education, Science and Community Development ("Qatar Foundation") operations in perpetuity. Qatar Foundation is a private, non-profit organization that is supporting Qatar on its journey from carbon economy to knowledge economy by unlocking human potential for the benefit of not only Qatar, but the world. Founded in 1995 by His Highness Sheikh Hamad Bin Khalifa Al Thani, Amir of Qatar, QF is chaired by Her Highness Sheikha Moza bint Nasser. Whereas Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi India the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce.(QNA)