Bharti ties up $8.3 bn deal with Kuwait’s Zain Telecom
March 21st, 2010 - 9:57 pm ICT by IANSNew Delhi, March 21 (IANS) India’s leading telecom operator Bharti Airtel Sunday announced it has tied up the whole financing requirement of $8.3 billion (Rs.37,350 crore) debt for its planned acquisition of Kuwait-based Zain Telecom’s African unit.
“The financing was over-subscribed with major international banks committing to underwrite the total amount,” the company said in a statement.
Bharti would pay $9 billion (Rs.40,500 crore) to acquire Zain’s assets spread across 15 African countries. It will adopt $1.7 billion (Rs.7,650 crore) of Zain’s debt.
Bharti Airtel and Zain were in exclusive talks for quite a long time, in Bharti’s third venture attempt to acquire an African business after having failed in its bid twice for South Africa’s telecom giant, MTN.
Last year, Bharti failed to strike a merger with MTN. The deal was later called off due to regulatory issues in both countries.
- Kuwait's Zain accepts Bharti's offer for African assets - Mar 24, 2010
- Kuwait's Zain approves Bharti's bid to connect with Africa (Lead) - Mar 25, 2010
- Bharti to ink final agreement with Kuwait's Zain Tuesday - Mar 29, 2010
- Zain confirms nod to Bharti's offer for African telecom assets - Mar 25, 2010
- Bharti starts fund-raiser to buy Zain's African assets - May 27, 2010
- India's Bharti makes grand entry into Africa's telecom market - Mar 31, 2010
- Bharti is world's 5th largest telecom firm after Africa deal (Roundup) - Jun 08, 2010
- Bharti scrip sinks 3.19 percent in afternoon trade - Feb 16, 2010
- Bharti shares open strong after Zain Africa deal - Mar 31, 2010
- Bharti starts 40-day talks to acquire Kuwait's Zain - Feb 15, 2010
- Bharti scrip falls another 4.54 percent, loses 13 percent in 2 days (Lead) - Feb 16, 2010
- Africa deal makes Bharti world's 5th largest telecom firm - Jun 08, 2010
- Government will help Bharti clinch Zain deal: Khurshid - Feb 17, 2010
- 100 million African subscribers in next two years: Airtel - Nov 16, 2010
- Bharti Airtel reports 32 percent drop in net profit - Aug 11, 2010
Tags: acquisition, african business, african countries, airtel, assets, India, international banks, kuwait, long time, march 21, merger, New Delhi, regulatory issues, rs 40, south africa, telecom giant, telecom operator, ties