June 7, 2010 INDIA DIALS AFRICA: BHARTI AIRTEL ACQUIRES ZAIN’S AFRICAN ASSETS 1 Going by the headlines on the March 30, 2010 front page of The Economic Times, Sam Turner at the Sage Stanley Fund knew that he would have to cancel his evening flight to Macau. Bharti Airtel, India’s largest cellular service provider, had announced that it had entered into a legally binding definitive agreement with Zain Group (“Zain”) to acquire Zain Africa BV for $10.7 billion – making it the largest ever telecom takeover by an Indian firm. The deal was now official. The markets seemed displeased to date; over the past

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