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Zain accepts $10.7 billion offer by Bharti Airtel

Kuwait telco’s board members agree Indian firm’s offer to purchase most of its African assets.

February 14, 2010 12:01 by

Zain, Kuwait’s biggest phone company, has accepted a $10.7 billion offer from Bharti Airtel for most of its African assets, according to Bloomberg.

Kuwait’s government news service said Zain’s board unanimously approved the offer for the African assets, which excludes operations in Sudan and Morocco. Trading of shares in the company has been suspended.

The news follows the announcement that Zain’s chief executive officer has resigned just one month after the company’s second-largest shareholder said it may delay the sale of its stake in the Kuwait company.

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