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FINANCIAL NEWS
Zain sells African assets to Bharti Airtel
31 Mar 2010
(MENAFN) Kuwait telecommunications company (Zain) announced that it has sold its assets in Zain Africa Tuesday to India’s largest telecom company Bharti Airtel Limited for $10.7 billion, Kuna reported.
Nasser Al-Kharafi, Chairman of Al-Kharafi Group, said in an interview after the deal was signed in Amsterdam, the Netherland, that Zain told its assets in 15 African countries. The deal, he added, would contribute to backing the Kuwaiti economy.
Sunil Bharti Mittal, Chairman of Bharti Airtel Ltd. said his company would pay $8.3 billion in a single installment and $700 million after a year. Mittal said the deal also included Zain Africa’s $1.7 billion debts.
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