Zain looking to sell African ops to Europe's Vivendi

Kuwait's biggest mobile operator awaiting reply from entertainment group Vivendi - paper

Tags: FranceKuwaitVivendiZain - Kuwait
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Zain looking to sell African ops to Europe's Vivendi Zain has ringfenced $5bn to spend on new acquisitions says Al Barrak.
By  Reuters Published  June 10, 2009

Kuwait's Mobile Telecommunications Co. (Zain) is looking to sell its African operations to Europe's largest entertainment group Vivendi, according to a Nigerian newspaper on Friday.

Without citing any sources, The Business Day newspaper reported that Kuwait's biggest mobile operator was waiting for a reply from Vivendi on the sale of Zain Nigeria this week. If the deal isn't settled, Zain will study bids made by other companies, the newspaper said.

Officials from both companies declined to comment to Reuters on the story.Formerly known as MTC, Kuwait’s national telecoms brand Zain has grown into a global player with operations in more than 22 countries. According to CEO Saad Al Barrak, the firm has ringfenced $5bn to spend on new acquisitions before 2011 and is on track to hit this year’s target of a 30% rise in net profit. Group net profit was $1.40bn in 2008; an annual increase of 6%.

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