Zain board approves sale of African assets
Indian telco Bharti Airtel to take control of operations in 15 countries, excluding Sudan and Morocco
The board of Kuwaiti telecom group Zain has approved the sale of its African unit to Indian firm Bharti Airtel.
Zain's board of directors met in Kuwait yesterday, and the firm released a statement today confirming that the green light has been given for the US$9 billion sale.
Zain said: "The board is pleased to report that the due diligence process has been completed and that the parties are finalising definitive agreements, which are expected to be signed in the coming days."
The Kuwait-based telco confirmed that the sale of its African assets does not include the operations in Sudan or its investment in Morocco.
Earlier this week it was reported that Bharti had secured $8.3 billion needed to underwrite the deal.
Bharti will take control of operations spanning 15 countries once regulatory approval for the deal has been granted.