Zain Reported to Be in Talks for $12 Billion Sale of African Networks

Kuwait based Zain is reported to be considering an offer to sell its African mobile networks to an unnamed French company. The sale of the former Celtel assets is estimated to be worth up to US$12 billion, including debt, reports the Dow Jones Newswire, citing the Al Qabas newspaper.

Celtel was founded by Sudanese-born Mo Ibrahim in 1998 and sold to Kuwiat's MTC (now Zain) in April 2005 for US$3.4 billion.

Zain is waiting for reply from the French company this week and if the deal isn't settled Zain will study bids made by other companies, the newspaper added.

No reason was given for why Zain is looking to sell the African division.

On the web: Dow Jones Newswire - Al Qabas

Posted to the site on 9th June 2009