Bharti board to meet to discuss Zain deal: Source

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Bharti board to meet to discuss Zain deal: Source

Bharti Airtel's board is meeting on Saturday to discuss the progress of talks to buy Kuwaiti telecom Zain's African assets in a deal worth USD 9 billion, a source with direct knowledge of the development said.

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Bharti Airtel 's board is meeting on Saturday to discuss the progress of talks to buy Kuwaiti telecom Zain's African assets in a deal worth USD 9 billion, a source with direct knowledge of the development said.

The source also said Bharti might put part of the purchase price in an escrow account to protect it from potential problems, including an ownership dispute in Zain's Nigeria operations.

The companies are in exclusive talks until March 25 and Bharti is conducting a due diligence assessment of the Zain assets.

"Currently Bharti is aiming to meet the March 25 deadline, but there could be a slippage of a day or two. Tomorrow's board meet is crucial," the source said.