Breaking News

Zain gives nod to Bharti to buy African unit

By Prince Osuagwu

LAGOS—African and Middle East telecommunications operator, Zain, yesterday, confirmed that its board has met in consideration of selling its African unit, Zain Africa BV to Bharti Airtel of India for $8.3 billion.

According to the Zain Group Corporate Communications Department, the Board of Directors of Zain met in Kuwait on Wednesday, to review the latest developments and negotiations related to the matter.

The implication of this statement is that despite the litigations surrounding Zain Nigeria, which started off as Econet Wireless Nigeria, it may also be included in the bouquet of Zain operations that is going to change hands between owners of Zain group and India’s Bharti Airtel. Meanwhile, the parties have agreed that the potential transaction remains subject to due diligence, customary regulatory approvals and signing of final transaction documentation.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.