|
|
|
|
|
Zain In Talks With Reliance On Africa Sale
Published Aug 18, 2009
|
Kuwaiti telecoms firm Zain is in talks with Reliance Communications, one of India's top mobile operators, to sell its African assets, two banking sources with knowledge of the development said.
'They are in preliminary stages of evaluating the deal,' one banking source said on Tuesday.
'They have no adviser as yet for the deal but they will start soliciting bids for advisory'.
Another source also said the talks were underway.
The Times of India newspaper said Zain's African operations were valued at $10 billion.
A spokesman for Reliance Communications was not immediately available for comment.
Zain chief executive told Kuwait daily newspaper Al-Rai that the firm was in talks with three major telecoms firms, including one from India, to sell all or part of its African operations.
The Kuwaiti firm said last month it was reviewing a possible sale of its African operations minus Morocco and Sudan after French media and telecoms giant Vivendi called off talks to buy a majority stake in the African business.
Posted by
VMD - [Virtual Marketing Department]
|
|
|
