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Kaustubh Katdare
Kaustubh Katdare • May 27, 2010

AirTel to Acquire African assets of Kuwait's Zain for $10.7 billion

Via: Bharti starts fund-raiser to buy Zain's African assets - India Business - Biz - The Times of India

"Further to our announcement dated March 30, 2010 regarding the proposed acquisition of Zain Africa BV, Bharti Airtel Ltd is pleased to report that it has initiated the funds drawdown for the completion of the said transaction," the company said in a statement.

Zain's acquisition is the largest overseas acquisition of assets in Africa by an Indian company, even though it does not cover the assets of Zain in Sudan and Morocco.

Post-acquisition, Bharti will become the world's fifth largest wireless company with operations across 18 countries. Its total customer base will reach over 180 million, including Zain Africa's mobile operations in 15 countries with over 42 million customers.

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