Zain Africa operations sold for $10.7 billion

The management of Kuwaiti telcoms company Zain has agreed the sale of its African assets to Bharti Airtel for $10.7 billion, the company said in a statement issued on Wednesday.
Zain’s board approved the sale at a meeting last weekend, the statement said.

The transaction entails an equity value of $9 billion and consideration will be fully satisfied in cash, of which $8.3bn will be paid upon the closing of the deal and $0.7 billion will be paid one year later. Bharti Airtel will assume $1.7 billion of consolidated debt obligations.

UBS Investment Bank operated as lead financial advisor to Zain on this transaction. BNP Paribas operated as co-advisor to Zain in relation to this transaction.

Source: www.kippreport.com