Zain-Bharti deal likely to take months

The closing of the deal between Kuwaiti telecom firm Zain and India's Bharti Airtel could take weeks or months, Zain's chairman was quoted as saying.

"The closing of the deal could take weeks or months, for our assets to be transferred under a new name which is Bharti," Zain's Chairman Asaad Al Banwan told Al Arabiya television in an interview aired yesterday.

Zain is about to sell most of its African assets to Bharti Airtel for $9 billion (Dh33bn), giving the Indian buyer its much sought-after foothold in Africa's fast-growing market.

Banwan said shareholders were expected to get cash dividend from the sale, but it still needs the approval of the firm's board. On Wednesday, the Kuwaiti firm said the due diligence for the deal has been completed and that it would be signed in a few days.