airtel

Indian telecom company Bharti Airtel signs definitive agreements to buy the African operations of Zain, in a deal backed by $7.5 billion in debt financing provided by a host of banks led by Standard Chartered and Barclays.

India's Bharti Airtel makes its third attempt in two years to acquire an African business, this time with a $10.7 billion offer for Zain's African operations.

The Bharti-MTN deal requires $5 billion of loans, and the syndication, which is led by Standard Chartered and Barclays Capital, is attracting keen interest from banks.

The leading Indian telecom company proposes a share swap estimated at $23 billion to combine its operations with those of South African telecom major MTN.