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 balance being debt on the books of Zain Africa. The $9 billion will be paid in two tranches $8.3 billion on closing and $700 million one year from closing.
Bharti is buying Zain's businesses...
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