Agreement for sale of African operations to Bharti soon: Zain | business | Hindustan Times
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Agreement for sale of African operations to Bharti soon: Zain

business Updated: Mar 25, 2010 12:55 IST
PTI
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Confirming clinching of the $10.7 billion mega deal for sale of its African assets to Bharti Airtel, Kuwait Based Zain today said that due diligence has been completed and agreements between the two would be signed soon.

"The Board of Directors of Zain met in Kuwait on Wednesday to review the latest development and negotiations... the due diligence process has been completed and that the parties are finalising definite agreements, which are expected to be signed soon," Kuwait firm said in a statement.

Sunil Mittal promoted Bharti Airtel, which has been striving for an African telecom acquisition for the last two years, did not comment on the development immediately.

"Upon signing, the parties will move towards getting any required approvals. It has been reported that Bharti has already secured the entire financing requirement of $8.3 billion for this transaction," Zain said.

Besides tying up $8.3 billion for immediate payment, Bharti, which failed twice in as many years to acquire another South African giant MTN, would have to pay $700 million after a year and the rest would be the debt liability along with the company.

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