Bharti approaches sovereign wealth funds for MTN bid

New Delhi, May 13 Sunil Mittal-led Bharti Airtel, which is in “exploratory talks” with MTN, has approached Middle Eastern sovereign wealth funds to finance its possible bid for a majority stake in the South African company, says a media report. The Wall Street Journal said Bharti has contacted West Asian sovereign wealth funds for additional cash to back its MTN bid for a majority stake. “However, there is no agreement yet,” WSJ said quoting unnamed persons in an article published in its online edition.

Further, the paper quoted another person saying that Bharti has already negotiated $12 billion in financing from a group of banks that includes Standard Chartered PLC, but the deal may require more resources. According to media reports, Singapore Telecom, which holds 30 per cent in Bharti Airtel, is also actively involved in the talks to acquire stake in MTN and may provide some assistance in this big ticket acquisition if it takes place. When contacted, a SingTel spokesperson declined to comment.

Bharti Airtel said today that its discussions with MTN are aimed at combining the strengths of the two leading emerging markets’ players. It also said that the company has not made any bid for acquiring a controlling stake in MTN. “Nor is there any requirement to make a bid,” it said in a statement here. Meanwhile, UAE-based Telecom operator Etisalat on Tuesday said it is examining the options to bid for MTN. “We are examining all the options and will take a decision soon,” an Etisalat spokesperson said.

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Bharti approaches sovereign wealth funds for MTN bid

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