💸 Bharti Enterprises to acquire 24.5% stake in UK's BT

Today’s Menu ☕️

📱Sunil Mittal-led Bharti Enterprises set to Acquire 24.5% Stake in BT from Altice UK
💸 Conduit Expands into Africa with $6 million investment from Helios Investment Partners
🧑🏽‍💻 TikTok’s Axe Falls on Africa Amidst Global Job Cuts
🧑🏽‍💻 Technology giant Cisco is poised to undertake a second wave of significant job cuts this year

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📱 TELECOMS

Sunil Mittal-led Bharti Enterprises set to Acquire 24.5% Stake in BT from Altice UK

In a significant development within the global telecommunications industry, Bharti Enterprises, the Indian conglomerate known for its flagship brand Airtel, is set to acquire a 24.5% stake in BT Group, the U.K.’s former incumbent telecoms carrier.

The stake being acquired by Bharti was previously owned by Altice, a telecom and media group that has been facing challenges related to debt and corporate scandals. Altice initially purchased its stake in BT through a series of transactions starting in 2021, with additional acquisitions in May 2023.

The deal, based on BT’s market capitalization of approximately £13 billion ($16 billion) at the time, values the 24.5% stake at around $4 billion. Bharti has announced that it will immediately acquire a 9.99% stake, with the remaining shares to be purchased after receiving regulatory clearance.…....continue reading

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💸 PAYMENTS

Conduit Expands into Africa with $6 million investment from Helios Investment Partners

Conduit, a fintech company focused on simplifying cross-border B2B payments, is setting its sights on Africa following a successful $6 million seed extension round led by Helios Digital Ventures, the venture capital arm of Helios Investment Partners. After launching its platform in Latin America in August 2023, Conduit enables businesses to perform cross-border transactions in US dollars via ACH or SWIFT, regardless of whether they have a U.S. entity.

This expansion into Africa follows Conduit’s strategic shift away from crypto-backed products towards traditional banking services, a change that has garnered significant traction in markets that struggle with accessible payment infrastructures..…....continue reading

📱SOCIAL MEDIA

TikTok’s Axe Falls on Africa Amidst Global Job Cuts

TikTok has initiated layoffs affecting its African workforce as part of a broader company restructuring. The popular short-video platform, owned by ByteDance, is streamlining operations amid economic challenges and increased regulatory scrutiny. This development follows previous announcements of global job cuts.

While specific details about the extent of the job cuts in Africa remain limited, industry sources suggest that the layoffs are part of a cost-cutting measure aimed at improving efficiency. TikTok has been facing increased scrutiny in recent months over data privacy concerns and geopolitical tensions, factors that may have influenced the decision to reduce its workforce.

Africa has emerged as a key market for TikTok, boasting millions of users and fostering a vibrant creator economy. The platform has invested significantly in local content creation and partnerships to cultivate a strong user base. However, the economic climate and intensifying competition have posed challenges for the company’s operations on the continent..........continue reading

OTHER STORIES

• Technology giant Cisco is poised to undertake a second wave of significant job cuts this year, with thousands of employees expected to be affected……read more

• Universal Music Group (UMG), the world's biggest music label, announced on Monday an expanded agreement with Facebook-parent Meta Platforms to create new opportunities for its artists and songwriters across Meta's social platforms.……read more

• Leadership Overhaul at MTN MoMo Payment Service Bank in Nigeria…..read more

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