Bharti Airtel is expected to ink a $10.7-billion (Rs 49,000-crore) deal with Kuwait-based Zain on Tuesday to acquire the latter’s African telecom operations, Kuwait’s Al-Watan daily reported on Monday.
Post-deal, Bharti Airtel will become the seventh-largest telecom player in the world.
According to the report, the deal signing ceremony would take place at the headquarters of Zain Africa, located in Amsterdam. Zain Chairman Asaad Al-Banwan, Chief Executive Officer Nabil bin Salama, Bharti Group Chairman Sunil Mittal and other senior officials would attend the ceremony.
When contacted, a Bharti Airtel spokesperson said the company “has nothing to comment beyond what we have already announced.”
Last week, Bharti and Zain said that due diligence was over and the companies would soon sign definitive agreements in the coming days.
The report said that Zain chairman and CEO would return as soon as the agreement is signed, to hold a board meeting on Wednesday.
The board meeting is expected to approve the annual results of Zain.