Zain okays African asset sale to Bharti
25 Mar 2010
(MENAFN) Zain’s board of directors has approved the $9 billion sale of most of its African assets to India’s Bharti Airtel, Reuters reported.
The deal Bharti Airtel will extend its reach into African emerging markets, and the contract is expected to be completed and signed in the coming few days.
Bharti announced lately that it had tied up the entire financing requirement of $8.3 billion, with major banks committing to underwrite the amount.
The Indian firm has failed twice to buy Africa’s biggest mobile operator MTN Group. The telecom firm is seeking to expand its operations and tap new markets as cut-rate competition in its home market squeezes margins and clouds its growth outlook.
It is worth mentioning that the Kuwaiti group Zain pulled back from an expansion spree last year and rejected an offer from France’s Vivendi for its African assets.
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