Bharti and Zain agree $10.7 billion deal

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.

Indian telecommunications company Bharti Airtel and the Bahrain-based Zain group have signed definitive agreements for Bharti to buy most of Zain's operations in Africa at an enterprise value of $10.7 billion.

The deal, which was first announced in February, has moved very quickly from the drawing board to completion of due diligence and signing of definitive deal documentation, which happened in Amsterdam on Tuesday. The agreed price of $10.7 billion comprises an equity value of $9 billion with the...

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