India’s Bharti Airtel (BRTI.BO) has formed two special purpose vehicles, or SPVs, in the Netherlands and Singapore to execute its US$9 billion ($12.65 billion) purchase of Zain’s (ZAIN.KW) African assets, The Economic Times said. Singapore Telecommunications owns 32% of Bharti.
The SPVs will own the acquired assets and will repay the debt from the cash flows from the African operations, but Bharti will step in if there is a default, the newspaper said today.
