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Zain looks to close $12bn deal to sell Africa unit - report

By Andy Sambidge

Tuesday, 9 June 2009 9:39 AM

Zain is rumoured to be is talks regarding the sale of its African operations.

Zain is rumoured to be is talks regarding the sale of its African operations.

Kuwait telecom operator Zain is seeking to close a $12 billion deal to sell its unit Celtel Africa to a French company, it was reported on Tuesday.

Mobile Telecommunications Company (Zain) is waiting to hear from the likely buyer but will study other options if the deal falls through, Kuwaiti Arabic daily Al Qabas reported, citing sources close to the deal.

It is understood that the French company, which has not been named, would also buy Celtel Africa's debts, leading to a discount in the price.

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