India’s largest telco Bharti Airtel yesterday said it has tied up $8.3 billion from a clutch of foreign banks and State Bank of India (SBI) to fund the acquisition of Zain telecom’s African assets, for which both the companies are in exclusive talks till March 25.
“Bharti Airtel is pleased to announce that the entire financing requirement of $8.3 billion for the proposed acquisition of Zain’s African unit (Zain Africa BV) has been successfully tied up,” the company said in a statement. “Financing was oversubscribed, with major international banks committing to underwrite the total amount,” the statement added.
If Airtel is acquiring Zain Africa’s assets, then we can expect that Zain Nigeria will be undergoing another name change sooon. Sounds familiar; right?