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SingTel confirms Bharti is funded for Zain buy

SingTel confirms Bharti is funded for Zain buy

Telecommunications company SingTel (ASX:SGT) has confirmed to Australian investors that its partner in India, Bharti Airtel, has secured the funding needed to acquire Zain Africa.

As well as owning 100% of Optus, SingTel also holds around 30% in Bharti Airtel.

In an announcement dated March 21, but filed to the ASX today, Bharti said it had tied up the required US$8.3 billion ($9 billion) required to purchase Zain Africa.

The funding will come from a range of sources including ANZ, HSBC, Barclays and Standard Chartered Bank.

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Tags Mergers and acquisitionsTelecommunicationsoptussingtelBharti AirtelZain

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