Published: March 30, 2010
Indian telecoms group raises US$8.3bn from international banks.
Indian telecoms group Bharti Airtel has arranged US$8.3bn in funding for its planned US$10.7bn takeover of Zain Africa.
The two companies announced takeover talks earlier this year, and Bharti Airtel has now completed due diligence. In a statement on March 26, the companeis said they were ready to finalsie a deal.
The funding centres on US$7.5bn from a round led by lead arranged 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.