TOP Indian telecoms firm Bharti Airtel yesterday said it had tied up the entire financing requirement of US$8.3 billion for its planned acquisition of Kuwaiti firm Zain's African assets.
The financing was oversubscribed, with major international banks committing to underwrite the total amount, Bharti said in a statement.
The Indian firm and Zain are in exclusive talks until March 25, marking the third time Bharti has tried to get its hands on a meaningful African business after two failed bids for South Africa's MTN.
Bharti would pay a total US$9 billion for acquiring Zain's assets in 15 African countries, and will also assume US$1.7 billion of debt on the target firm's books. Of the US$9 billion purchase price, US$700 million would be paid to Zain one year after closing the deal, the companies have said.
For US$7.5 billion of the financing, the lead advisor was Standard Chartered Bank, while Barclays acted as the joint lead advisor, Bharti said.
Reuters
Monday, March 22, 2010
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