Bharti-MTN deal would create a giant

NEW DELHI: India's Bharti Airtel and South Africa's MTN have revived merger talks to create a mammoth telecoms giant spanning Africa, Asia and the Middle East a year after a previous deal foundered on the issue of who would control the combined entity.

Bharti and MTN said under an initial deal worth over $23 billion Bharti would pay in cash and shares for 49 percent of MTN while MTN pays cash and stock for an effective 36 percent stake in the Indian firm.

A tie-up would combine India's biggest cell phone operator with MTN, which operates across 21 markets in Africa and the Middle East, including countries with high growth potential such as Iran, Afghanistan and Sudan.