Leading mobile operator Bharti Airtel Ltd has contacted Middle Eastern sovereign wealth funds in a search for additional cash to back a bid for a majority stake in South Africa's MTN Group Ltd, a media report said on Tuesday, citing people familiar with the situation.
However, there is no agreement yet, the report said. Bharti, which has said it is in talks with MTN but has not yet made any bid, is reported to be considering offering 160-165 rand a share for a 51 per cent stake in MTN that would cost $19 billion.
A person familiar with the talks said that late last week that Bharti may raise that to 175 rand per share. The sources have said that Bharti has already negotiated about $12 billion in financing from a group of banks that includes Standard Chartered PLC.
Read more in The Economic Times article.
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