InfoAnda - India's Bharti ties up $8.3bn to finance Zain deal

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Read more with google mobile : India's Bharti ties up $8.3bn to finance Zain deal

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India's Bharti ties up $8.3bn to finance Zain deal By ERIKA KINETZ,AP Business Writer - Monday, March 22 Send IM Story Print MUMBAI, India – India's largest telecommunications operator, Bharti Airtel Ltd., has finalized $8.3 billion in financing needed for its proposed acquisition of the Africa assets of Kuwait's Zain, Bharti said Sunday. "The financing was oversubscribed, with major international banks committing to underwrite the total amount," Bharti said in a statement. Zain accepted a $10.7 billion offer from Bharti Airtel in February to sell most of its Africa businesses as it refocuses on its home market in the Middle East. The deal includes $1.7 billion of Zain debt, plus $8.3 billion to be paid by Bharti upfront and $700 million one year from now, said a person familiar with the negotiations who spoke on condition of anonymity because he was not authorized to speak to media. A consortium of international banks, led by Standard Chartered Bank, Barclays and the State Bank of India will provide $7.5 million in loans, Bharti said. ANZ, BNP Paribas, Bank of America Merrill Lynch, Credit Agricole CIB, HSBC, Singapore's DBS Group, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. also participated in the underwriting, it said. The State Bank of India, India's largest lender, has agreed to give Bharti up to an additional $1 billion equivalent in rupees which would also cover transaction costs, the statement said. The company would not disclose the terms of the loans. Bharti finalized the financing with its board at a meeting Saturday and has until March 25, when the period for exclusive talks expires, to work out final details and complete due diligence. The deal does not include Zain's holdings in Sudan or Morocco. It is not clear what steps Bharti will take, if any, to protect itself against an ongoing legal dispute over Zain's Nigerian assets. A successful closure would make Bharti an even bigger player in the developing world, and offer it some relief from India's increasingly crowded market. Faced with declining market share and slipping revenues at home, Bharti has been trying to replicate its low-cost business model abroad, but two earlier attempts to merge with South Africa's MTN Group Ltd. were foiled when talks broke down. For Zain, known officially as Mobile Telecommunications Co., the deal is a chance to cash in on an expansion led by ousted chief executive Saad al-Barrak, after a previous attempt to sell the African holdings failed. The deal, if successful, would be among the biggest overseas acquisitions in Indian corporate history. Recommend Send IM Story Print Related Articles Calyon unit to advise on Saudi Air catering company Reuters - 1 hour 38 minutes ago What's left to fix housing market? Reuters - 1 hour 56 minutes ago Gulfsands bid approach at 315 p/shr - sources Reuters - 1 hour 57 minutes ago "Alice" stays atop box offices for third week Reuters - 2 hours 14 minutes ago Dubai's art fair upbeat despite city's debt woes Reuters - 2 hours 54 minutes ago News Search Top Stories British Airways and union claim advantage in strike Hundreds evacuated after Iceland volcano erupts UN chief slams Israeli blockade of the Gaza Strip Fish and chips celebrates 150 years as a British classic GM Daewoo recalls 58,000 vehicles in S.Korea: government More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fish and chips celebrates 150 years as a British classic 'Red Shirts' take to streets to win over Thai capital British Airways and union claim advantage in strike Hollywood stars help prevent suicide after Twitter alert GM Daewoo recalls 58,000 vehicles in S.Korea: government More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Experts confirm asteroid wiped out the dinosaurs 'Britain's Fritzl' raped daughters for over 25yrs Researchers back cancer-fighting properties of papaya Common weed-killer chemically castrates frogs: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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