Textio

[business week] Zain, Kuwait’s biggest mobile phone company, expects a profit of $3.3 billion from the sale of its African assets after settling debt and provisions.

The gain expected to be reflected in Zain’s second-quarter financial statement, according to a company statement to the Kuwait bourse today.

Bharti Airtel Ltd. of India yesterday agreed to buy the African assets of Zain, also known as Mobile Telecommunications Co., for $9 billion in cash. Bharti will also assume $1.7 billion of Zain’s debt as part of the deal.

Zain African Sale Profit Is $3.3 Billion After Debt Payments