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FINANCIAL NEWS
Bharti to buy Zain’s African assets for $10.7b
15 Feb 2010
(MENAFN) Kuiwaiti telecom group Zain announced its consent to offload its African assets to India’s Bharti Airtel, for $10.7 billion, KUNA reported.
Under the agreement, the Indian telecom firm will pay Zain $10 billion by mid-April, and the remaining amount of $700 million will be paid before the end of this year, CNBC Arabia reported.
Zain, the third-biggest telecoms operator in the Middle East, is marking one of the biggest cross-border transactions in the region in years.
Analysts expect that Zain would pay a special dividend to shareholders from the proceeds of this deal.
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