Bharti board approves $9 billion offer for Zain Africa
Indian telecom operator Bharti Airtel is planning to make a formal bid next week, according to Bloomberg.
March 20, 2010 10:49 by kippreport
Indian telecom operator Bharti Airtel is planning to make a formal offer for the takeover of Zain Africa next week, after its board approved the$9 billion bid on Saturday, two sources close to the deal told Bloomberg. Zain might have to provide legal protection from a dispute in Nigeria, the sources said, adding that however that the Bharti board didn’t specially ask for it.
Zain, Kuwait’s biggest phone company, and Bharti are in “exclusive talks” until March 25 to complete the deal, says the report. Zain Africa has access to 42 million new subscribers in 15 African countries.