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Zain board confirms Bharti deal

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Chief Executive of Zain Africa, Chris Gabriel
Zain today confirmed the meeting of its Board of Directors in Kuwait on Wednesday, 24 March 2010, to review the latest developments regarding the sale of its African unit to Indian firm- Bharti Airtel.

In the official statement released today by Mobile Telecommunicatios Company KSC or Zain, the company confirms the sale of its African unit or Zain Africa BV to Bharti Airtel, excluding Zain’s operations in Sudan and Morocco.

“The Board is pleased to report that the due diligence process has been completed and that the parties are finalizing definitive agreements, which are expected to be signed in the coming days”, reads the statement.

The Kuwaiti-based operator reported that Bharti has already secured the entire financing requirement of USD 8.3 billion for this transaction.

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