Zain(ZAIN.KW) and India’s Bharti Airtel (BRTI.BO) are expected to sign a letter of intent for the $9 billion African assets.
Bharti, India’s largest wireless carrier, is in exclusive talks until March 25 to buy Zain’s African business, excluding Morocco and Sudan. It is the Indian firm’s third attempt at gaining a foothold in a continent that offers a last opportunity for major subscriber growth.
Bharti had said it will have clarity by next week on funding its offer for Zain’s operations in 15 African countries. The two firms have agreed on an enterprise value of $10.7 billion for the assets, including $1.7 billion of debt on Zain Africa’s books.
