India's top telecom company Bharti Airtel was set to become the 7th largest global player in this business, with an approval from Kuwait's Zain to buy its African assets, other than those in Morocco and Sudan, for $10.7 billion.
"The company confirms that the board of directors of Zain met in Kuwait on Wednesday, March 24 to review the latest developments and negotiations related to this matter," the Kuwaiti company said in a statement Thursday.
"The board is pleased to report that due diligence process has been completed and that the parties are finalising definitive agreements which are expected to be signed in the coming days."
Thursday was the final day of their exclusive talks.
Based on regulatory approvals, the Sunil Mittal-led Bharti will pay $9 billion to acquire Zain's assets spread across 15 African countries. It will also adopt $1.7 billion of Zain's debt. Bharti has already tied up $.8.3 billion to fund the acquisition.
The confirmation saw the scrip of Bharti Airtel gain nearly 2.5 percent, or Rs.7.5, on the Bombay Stock Exchange Thursday, to rule at Rs.314.30. The scrip had earlier shot up to Rs.316.70.
Source : http://www.hindustantimes.com/Kuwait-s-Zain-approves-Bharti-s-bid-to-connect-with-Africa/H1-Article1-523418.aspx
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