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Algeria nears purchase of VimpelCom unit
23 March 2012
Algerian government and VimpelCom come closer to peace deal over mobile operator Djezzy
The Algerian government has come closer to buying VimpelCom’s stake in local operator Djezzy after a long dispute that dates back to when the unit was owned by Orascom.
VimpelCom is now discussing selling the unit to the Algerian government, reports Reuters, citing Algerian finance minister Karim Djoudi. An year-long delay in the planned nationalisation of Algerian operator Djezzy was intensifying shareholder pressure on the management of VimpelCom.
VimpelCom bought a controlling 51.7% stake in Orascom from Egyptian businessman Naguib Sawiris in 2011, and expected to acquire control over Djezzy as part of the agreement, or receive a fair market price for the unit from Algeria’s government. GTB
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