India's Bharti Airtel is set to buy Telecom Seychelles for $62 million, in the same week as it posted quarterly results.
Bharti, India's biggest mobile phone company, is already an established player in Africa. Earlier this year, it paid $10.7 billion for Zain Africa and, given the size of the deal, worked with a host of banks Standard Chartered as lead adviser Barclays Capital as joint lead adviser State Bank of India as lead onshore adviser and Kuwait-based firm, Global Investment House KSCC as regional financial adviser.
The Seychelles acquisition takes Bharti’s Africa footprint to a total of 16 countries. Bharti did not have an adviser on the Telecom Seychelles deal.