Airtel Africa acquires additional spectrum for $40 million in Kenya

Airtel Africa has announced that its Kenya subsidiary, Airtel Kenya Networks Limited, has purchased 60 MHz of additional spectrum in the 2600 MHz band for a total of $40 million from Kenya's Communications Authority.

In a statement filed with the Nigerian stock exchange authority, the firm, a leading provider of telecoms and mobile money services, stated that the license is valid for 15 years commencing in July 2022.

At a market value of more than N6 trillion, Airtel Africa is the most valuable brand on the Nigerian bourse, after its shares buy back from non-controlling interest from local investors. READ: Airtel Africa Moves to Buy Back Shares from Nigerian Shareholders

“This additional spectrum will support our 4G network capacity expansion in the market for both mobile data and fixed wireless home broadband capability, and will allow for future 5G rollout, providing significant capacity to accommodate our continued strong data growth in the country”, it said.

The telecom company said Airtel Kenya is one of its largest markets by revenue.

“This investment reflects our continued confidence in the opportunity inherent in the Kenya market, supporting the local communities and economies through furthering digital inclusion and connectivity”, the statement said.