Zain accepts Bharti's offer for African assets

The board of Kuwait-based Zain Telecom today accepted Bharti Airtel's $10.7 billion offer to purchase its African assets, according to an agency report.

Kuwait's state-run KUNA news service said Zain's board unanimously accepted the deal, without saying how it obtained the information.

Bharti's offer marks the Indian company's third attempt to enter the continent.

Zain announced today in a statement to the Kuwait bourse that its board would meet to discuss an offer for its African assets, excluding Sudan and Morocco. Shares of Zain Telecom have risen 23 per cent since February 4.

However, when contacted a Bharti Airtel spokesman declined to comment.

Bharti made an offer for Zain's African assets and has been waiting for the Kuwaiti company's approval, a person familiar with Bharti's offer also said.

Bharti Airtel Chairman Sunil Mittal is seeking to enter Africa, one of the world's fastest-growing telecommunications markets, as competition intensifies on his home turf.

The comapny had last year tried hard to strike a $23 billion deal with South Africa's MTN but it failed.