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Zain confirms $10.7 billion deal to sell African assets

The telecom operator hopes to make $5 billion after repaying its liabilities.

February 16, 2010 4:57 by

Kuwaiti telecom operator Zain has confirmed that it has entered into “exclusive discussions” with India’s Bharti Airtel for the sale of its African unit, Zain Africa, for around $10.7 billion, the firm said on Tuesday. The proposal however does not include Zain’s operations in Sudan or its investment in Morocco.

The company said that while $10 billion will be paid upon the completion of the deal, the remaining $70 million will be paid a year later. “After the repayment of certain liabilities, Zain expects net proceeds of up to $5 billion,” the company said.

Upon the conclusion of the transaction, Zain Africa will have an equity value of around $9 billion, the firm added.

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