Bharti Airtel share shoots up on Zain deal
Bharti Airtel will become the world's fifth largest wireless company with operations in Africa. Top 5 picks | Mid-term picks | Gainers, losers & recos | Bharti-Zain deal
By PTI |
MUMBAI: Shares of Bharti Airtel today gained nearly three per cent on the Bombay Stock Exchange (BSE) after the Indian firm announced signing of the mega $10.7-billion deal to acquire Kuwait-based Zain Telecom's African business.
After a firm opening, Bharti shares surged 2.75 per cent to a high of Rs 319.50.
Under the agreement, Bharti would acquire Zain's African mobile operations in 15 countries for an upfront payment of $8.3 billion and pay another $700 million after a year. Besides, it would take debt liability of $1.7 billion.
On the National Stock Exchange (NSE) too Bharti Airtel moved up 2.85 per cent to Rs 319.70. Over 23 lakh shares changed hands on the two bourses in morning trade.
The two companies had entered into exclusive talks on February 15. Since then the stock has gained Rs 33 a share or nearly 12 per cent.
With the acquisition, Bharti Airtel will enter the world's fastest growing telecom market in Africa. The two businesses combined will have more than 179 million subscribers with a total revenue of $13 billion.
With this deal, Bharti Airtel is set to become the world's fifth largest wireless company with operations in countries including, Kenya, Nigeria, Uganda and Zambia.
After a firm opening, Bharti shares surged 2.75 per cent to a high of Rs 319.50.
Under the agreement, Bharti would acquire Zain's African mobile operations in 15 countries for an upfront payment of $8.3 billion and pay another $700 million after a year. Besides, it would take debt liability of $1.7 billion.
On the National Stock Exchange (NSE) too Bharti Airtel moved up 2.85 per cent to Rs 319.70. Over 23 lakh shares changed hands on the two bourses in morning trade.
The two companies had entered into exclusive talks on February 15. Since then the stock has gained Rs 33 a share or nearly 12 per cent.
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With the acquisition, Bharti Airtel will enter the world's fastest growing telecom market in Africa. The two businesses combined will have more than 179 million subscribers with a total revenue of $13 billion.
With this deal, Bharti Airtel is set to become the world's fifth largest wireless company with operations in countries including, Kenya, Nigeria, Uganda and Zambia.
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