Full steam ahead for Bharti-Zain Africa acquisition

Zain Group expects to put pen to paper within the next few days and close the deal selling its African assets to Bharti Airtel for US$10.7 billion, the company said in a statement today. The announcement follows a board meeting yesterday to assess the latest developments and negotiations.

"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 statement said.

"Upon signing, the parties will move towards getting any required approvals," the statement continued.

The deal places an equity value on the 15 operations, which excludes Sudan and Morocco, at US$9 billion with US$1.7 billion of debt. Bharti said earlier in the week it has secured US$8.3 billion of financing mainly from international banks. The Indian operator is required to pay US$8.3 billion upon signing the deal, with the remaining US$700 due one year later.