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VimpelCom to Acquire Armenian Telecom Operator

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  • VimpelCom to Acquire Armenian Telecom Operator

    VimpelCom to Acquire Armenian Telecom Operator

    Panorama.am
    20:34 03/11/06

    OAO VimpelCom, Russia"s second-largest cellular company, said today
    it agreed to buy 90 percent of an Armenian phone company for 341.9
    million euros ($434.2 million), as it looks to expand beyond the
    saturated Russian market.

    VimpelCom has signed an agreement with Greece"s Hellenic
    Telecommunications Organization SA, the Moscow-based company said
    today in a PRNewswire statement. The company will also assume about
    40 million euros in net debt and obligations.

    The closing of the purchase of Armentel by VimpelCom is subject to
    the fulfillment of certain conditions, including approval by the
    government of Armenia.

    Commenting on the signing of the purchase agreement, Alexander
    Izosimov, Chief Executive Officer of VimpelCom, said: "We are
    pleased to announce the signing of this agreement that will enable
    our entry into Armenia, the sixth CIS country outside of Russia in
    which VimpelCom will have operations. With approximately 40% mobile
    market share, Armentel occupies a strong position in the Armenian
    market and we will work to enhance this position."

    VimpelCom is also active in Ukraine, Kazakhstan, Tajikistan, Uzbekistan
    and Georgia./Panorama.am/
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