Bharti offers $9 billion for Zain Africa; report
20 Mar 2010
The board of directors of Bharti Airtel, which met today to decide on the proposal to acquire the African assets of Kuwaiti telecom company Zain, has approved a $9 billion offer, Bloomberg reported, citing sources close to the developments.
Bharti Airtel Limited and Zain are in exclusive discussions until 25 March 2010 for the acquisition of Zain's African unit (Zain Africa BV).
Earlier reports had projected an enterprise value of $10.7 billion for Zain's African assets, excluding its operations in Morocco and Sudan.
The Bloomberg report said Bharti would make its offer to Zain next week and may ask the Kuwaiti telco to provide legal protection from the Nigeria dispute.
Africa is the new emerging continent and telcos planning to expand are flocking to the market, picking up smaller firms in the absence of any big buys.
