Bharti Airtel’s wholly owned subsidiary - Bharti Airtel International (Netherlands) BV (Airtel), and Zain Telecom (Zain), 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. With these settlements, Airtel has closed several ongoing major litigations in Nigeria, UK and Netherlands.
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. A separate settlement has been reached between Airtel and Econet Wireless (Econet) settling all claims, disputes whatsoever, between the two including in Nigeria and Netherlands.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
