Allen & Overy has advised Standard Chartered Bank, the mandated lead arranger and lead adviser on the financing of Bharti Airtel’s purchase of Zain Africa. While the actual amount remains confidential, the deal is reported to be the largest financing raised for an acquisition by an Indian company to date.
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The acquisition will create the world’s largest mobile group operating exclusively in emerging markets. The combined company will have 165 million subscribers in Africa and South Asia. Allen & Overy also advised the banks on Bharti Airtel’s unsuccessful bid for MTN, the South African telecommunications company.
Both transactions were led by banking partner Sanjeev Dhuna, a member of Allen & Overy’s India Group, and senior associate Denise Gibson. Trilegal, led by partner Karan Singh, acted alongside Allen & Overy providing advice on Indian law.
“This deal illustrates Indian corporates’ appetite for significant and strategic outbound investments,” said Dhuna. “As India’s primacy on the international stage continues to grow we expect to see more of these high-profile acquisitions”.
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