[wsj] Bharti Airtel Ltd. has secured indemnities and warrants to deal with any potential disputes related to its acquisition of Kuwait-based Mobile Telecommunications Co.'s most assets in Africa, a senior executive at the Indian telecommunications company said Wednesday.
"Now, we are ready for the closure" of the deal, Manoj Kohli, chief executive of international operations at Bharti Airtel, told Dow Jones Newswires. "The Zain Group had assured us that all approvals required will be in hand pretty soon."
Under the $9 billion cash deal signed Tuesday, Bharti will buy the assets of Zain in 15 African countries, including Nigeria and Gabon, as the Indian company tries to expand its business to offset the effects of stiff competition at home.
Two minority shareholders of Zain Nigeria--Econet Wireless Holdings Ltd., a South African telecommunications company that holds 5%, and Broad Communications Ltd. with a 14% stake--have filed suits challenging Zain's 65% ownership in the Nigerian unit.
Also, media reports earlier this week cited the Gabonese government as saying it disapproves the sale by Zain of its Gabonese assets to Bharti and reserves the right to take "all necessary measures."
Zain Gabon hadn't complied with local telecommunications regulations, the reports said, citing a government statement.
Bharti Gets Indemnities Against Any Disputes Over Zain Deal
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