Indian telecoms group seals US$11bn takeover to become world’s fifth largest wireless company.
Indian telecoms group Bharti Airtel has agreed a US$10.7bn takeover of Zain Africa, the African business of Zain Group.
The deal will make Bharti Airtel the fifth largest wireless company in the world and see it enter Africa, which it describes as “one of the few remaining global high-growth markets”.
Bharti Airtel’s funding for the deal centres on US$7.5bn from a round led by lead arranger and adviser Standard Chartered Bank alongside Barclays, the State Bank of India Group (SBI), Bank of America Merrill Lynch, HSBC and several other international institutions. SBI has also committed a rupee facility equivalent to US$1bn to cover transaction costs.
Global Investment House is acting as Bharti Airtel’s regional financial adviser.
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