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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

Read more: VimpelCom Algeria Djezzy Orascom Sawiris Telenor

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

More from GTB 
VimpelCom retains brands but aims to save $2.5bn in ... 09 Feb 2012
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VimpelCom plans to sell Algeria unit 10 Jan 2012
Orascom plans to raise $800m 14 Dec 2009
Orascom faces $596m Algerian tax bill 19 Nov 2009




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