Airtel to get $129 mn from Zain Telecom for dispute settlement

New Delhi, Nov 3 (IANS) Bharti Airtel on Thursday said Zain Telecom will pay $129 million to it towards the settlement of certain tax matters and associated legal costs related to the sale of Zain’s African operations to Airtel in 2010.

“Bharti Airtel International (Netherlands) and Zain Telecom have reached an agreement, pursuant to which Zain is to pay to Airtel approximately $129 million for the settlement of all of Airtel’s claims on account of the Nigeria litigation, certain tax matters and associated legal costs,” Airtel said in a statement issued here.

Airtel had acquired Zain Telecom’s African business in 2010 for $9.7 billion.

“Under the terms of the 2010 Share Sale/Purchase Agreement, Zain had provided Airtel certain indemnities covering the Nigeria Litigation and for certain tax claims,” the statement said.

“A separate settlement has been reached between Airtel and Econet Wireless settling all claims, disputes whatsoever, between the two including in Nigeria and the Netherlands.”

“With these settlements, Airtel has closed several ongoing major litigations in Nigeria, the UK and Netherlands,” it added.

–IANS

ag/ask/vt

Top