Bharti airtel has paid the last tranche of $700 million to Kuwait-based Zain for buying its Africa assets, completing the $9 billion transaction.

In a statement, Zain said, “The company has received the final payment of $ 700 million from the sale of its African assets in accordance with the agreement of the transaction, in which the sum was to be paid one year after the transaction, conditional on the completion of both the final approvals and the sale and transfer of property.?.

In 2010, Bharti airtel had acquired Zain Telecom’s Africa operations for $ 10.7 billion. To complete the deal, Bharti had paid $ 7.9 billion and the balance payment of $ 400 million from the total upfront payment was done later. The remaining $ 700 million was to be paid after a year. Bharti had also taken into its books over $ 1.7 billion of Zain’s debts as on December 31, 2009.

Zain?s statement added, “The funds will further strengthen the company’s financial position although it must be noted that the amount was calculated as profits in the financial statements of the second quarter of 2010, and therefore will not have any effect on the financial statements for the current quarter of 2011.?

Bharti had acquired Zain Telecom’s operations in 15 African nations, excluding Sudan and Morocco. Earlier, the company had said that its Africa arm was expected to make a capital expenditure of $ 1-1.2 billion during the current fiscal on the operations.