Bharti-Zain deal to be inked tomorrow: report
29 Mar 2010
Kuwait's Zain telecom and India's top mobile firm Bharti Airtel are expected to sign the $10.7-billion deal for the sale of Zain's African assets on Tuesday, a Kuwaiti daily reported.
Citing unnamed informed sources, Al-Watan said the signing ceremony "will take place on Tuesday at the headquarters of Zain Africa" in Amsterdam.
Zain, Kuwait's largest mobile operator, entered the African telecom market in 2005 by acquiring the operations of the Dutch Celtel firm for around $3.5 billion.
Bharti, India's largest operator, and Zain said in separate statements last week that due diligence had been completed and that final agreements would be signed soon.
Zain's chairman Asaad al-Banwan and chief executive operator Nabil bin Salamah were due to leave Kuwait for Amsterdam later on Monday to sign the deal, the paper said. After the signing, the two companies will move towards getting any required approvals.
The sale of the African assets does not include Zain's operation in Sudan or its investment in Morocco.
