Zain to pay Bharti Airtel $129m in Africa business settlement
Zain, Kuwait on Thursday said it would pay $129 million to Bharti Airtel over a settlement related to the sale of Zain’s Africa operations to the Indian firm in 2010.
Zain Kuwait is No. 1 telecom operator by subscribers.
The payment will have no future financial impact on Zain as it set aside provisions to cover potential payments related to the transaction at the time of the sale.
Zain in 2010 completed the $9 billion sale of its Africa business.
The businesses included operations across 15 countries.
Zain still operates in South Sudan and Sudan, according to its website.
Thursday’s statement did not disclose what the settlement related to.
In the company’s third-quarter financial statement, Zain said it was liable for “taxation claims and amounts that may be due for un-provided litigation claims” after the sale of Zain Africa.
The company in October reported a better than expected 12 per cent rise in third-quarter results.