 "Bharti Airtel office building in New Delhi")
Bharti Airtel said Zain Telecom will pay around $129 million for the settlement of its various claims in Nigeria. In one of the largest acquisitions by an Indian telecom firm, Airtel had bought Zain Telecom’s assets in 17 African countries in 2010 for $10.7 billion.
“Bharti Airtel International (Netherlands) BV, and Zain Telecom, have reached an agreement, pursuant to which Zain is to pay to Airtel approximately $129 million for the settlement of all of Airtel’s claims on account of the Nigeria litigation, certain tax matters and associated legal costs,” the company said in a statement. Under the terms of the 2010 share sale/purchase agreement, Zain had provided Airtel certain indemnities covering the Nigeria litigation and certain tax claims.
Airtel said a separate settlement has been reached with Econet Wireless Limited about all claims, disputes including in Nigeria and Netherlands.
“With these settlements, Airtel has closed several ongoing major litigations in Nigeria, UK and Netherlands,” Airtel added.
