Bharti bids $10.7 billion for Zain's African assets: report
13 Feb 2010
Bharti Airtel Limited, India's leading telecom services provider, has offered to acquire the African assets of Kuwait telecom firm Zain for around $10.7 billion, as it enhances focus beyond India and South Asia.
Zain's board is expected to meet soon to discuss the offer, Kuwaiti newspapers al-Rai and al-Watan have said in reports citing unidentified sources.
Zain, the third-largest telecom company in the Gulf region by market value, halted talks with Bharti in October to sell African assets to address concerns of potential buyers of a 46 per cent stake in the group.
Bharti Airtel also today announced strategic organisational changes with the objective of enhancing its focus on expanding operations overseas.
The company announced the creation of a new, empowered and dedicated International Business Group that will be responsible for expanding the company's operations beyond India and South Asia region.
Manoj Kohli, who is currently the CEO (India and South Asia) and joint MD of the company, will head the International Business Group as CEO (international) and joint MD and will continue to be a member of the Bharti Airtel board.