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Wednesday, March 31, 2010

Zain Group approves sale to Indian Bharti

A press statement issued by the Corporate Communications Department, Zain Group and made available to ITRealms Online at the weekend, confirmed this.

Additionally Zain stated that further to the announcement made by its parent company, the KSC, on behalf of ‘Zain’, on February 16, 2010, with respect on the sale of its African unit, ‘Zain Africa BV’ to Bharti Airtel Limited, the company confirmed that its board of directors in Kuwait med on Wednesday 24 March 2010, to review the latest developments and negotiations related to this matter.

The board, also said it was pleased to report that the due diligence process was completed and that the parties are finalizing definitive agreements, which are expected to be signed in the coming days.

ITRealms Online gathered at upon signing the deal, the parties would move towards getting any required approvals.

“It has been reported that Bharti has already secured the entire financing requirement of USD 8.3 billion for this transaction,” part of the press statement
read.

In addition, Zain Group made it clear that the current discussion, the sale of ‘Zain Africa BV’ does not include Zain’s operation in Sudan or its investment in Morocco.

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