Zain board to meet today as Bharti secures funds
Proposed deal that will see Indian telco Bharti Airtel take the bulk of Zain's African assets on course for completion
Zain's board will meet today (Wednesday), one day before the March 25th deadline for exclusive talks over the proposed sale of the bulk of its African assets to Indian telco Bharti Airtel, according to a Reuters report.
Bharti said on Sunday it had secured US$8.3 billion needed to underwrite the deal, which if it goes through will see Bharti take control of all of Zain's African operators, excluding Sudan and Morocco.
According to the newswire, Bharti and Zain appear to have overcome a potential stumbling block over ownership of Zain's assets in Nigeria that is 65% owned by the Kuwaiti firm.
A source told Reuters last week Bharti might put part of the purchase price in an escrow account to protect it from potential problems such as that in Nigeria.