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Zain, Bharti to close African deal today

Kuwait's Zain and India's Bharti Airtel are expected to close a $9 billion deal for most of the Kuwaiti firm's African assets on Tuesday, sources said.

business Updated: Jun 08, 2010 12:29 IST

Reuters
Hindustantimes
         

Kuwait's Zain and India's Bharti Airtel are expected to close a $9 billion deal for most of the Kuwaiti firm's African assets on Tuesday, sources said.

Zain will receive $7.9 billion from Bharti on Tuesday before both firms make an announcement about the final closing, sources close to the deal told Reuters.

In March, Zain struck a $9 billion deal selling its operations in 15 African countries, excluding Sudan and Morocco, to Bharti.

Kuwaiti daily al-Rai said in a report earlier on Tuesday, citing informed sources, that $400 million will be deposited into the Kuwaiti firm's accounts after completing some procedures related to the transfer of Zain's liscence in Gabon to Bharti.

The remaining $700 million will be received by Zain a year after the closing, according to the agreement.

First Published: Jun 08, 2010 12:23 IST

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