Zain board approves asset sale to Bharti

MUMBAI/KUWAIT: The board of Kuwaiti telecoms operator Zain has approved a $9 billion sale of most of its African assets to India's biggest telecoms firm Bharti Airtel, sources said on Wednesday.

Due diligence on the deal, which will extend Bharti Airtel's reach into African emerging markets dramatically, is completed and the sale documents will be signed within several days, the sources said.

Bharti said on Sunday it had tied up the entire financing requirement of $8.3 billion, with major international banks committing to underwrite the amount, in a sign of progress as the deadline for exclusive talks with Zain expires on Thursday.