The Bharti management will provide the board with detailed information on the progress of its negotiations with Zain, including funding plans that are in the process of being finalized, the people quoted above, who are aware of Saturday’s meeting said. Though Bharti is close to wrapping up the $10.7-billion deal with Zain, the transaction will not be announced after Saturday’s board meet, they added.
Both Bharti Airtel and Zain are in exclusive talks until March 25. During Saturday’s meet, the Bharti management will also apprise the board on the progress on its due diligence of Zain’s assets. Due diligence is expected to be completed by March 25 and the final announcement is expected shortly afterwards.
Bharti, which had twice failed in its attempt to buy Africa’s largest operator MTN, has been hunting for assets in that continent as growth, revenues and profits in India slow down due to fierce competition and a savage price war in the world’s fastest growing mobile market.
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