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Zain Africa operations sold for $10.7 billion
Bharti Airtel, the buyer of the Kuwaiti telco's African operations, will assume $1.7 billion of consolidated debt obligations.
March 31, 2010 10:50 by Ben Flanagan
The management of Kuwaiti telcoms company Zain has agreed the sale of its African assets to Bharti Airtel for $10.7 billion, the company said in a statement issued today.
Zain’s board approved the sale at a meeting last weekend, the statement said.
The transaction entails an equity value of $9 billion and consideration will be fully satisfied in cash, of which $8.3bn will be paid upon the closing of the deal and $0.7 billion will be paid one year later. Bharti Airtel will assume $1.7 billion of consolidated debt obligations.
UBS Investment Bank operated as lead financial advisor to Zain on this transaction. BNP Paribas operated as co-advisor to Zain in relation to this transaction.