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Telenor to lift stake in Vimpelcom in options deal

Telenor will purchase 3.5 per cent of Vimplecom after Naguib Sawiris agreed to sell part of its share at $113.6 million

Reuters, Thursday 16 Aug 2012
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Views: 809

Telecoms firm Telenor will purchase another 3.5 per cent of Vimpelcom after Egyptian tycoon Naguib Sawiris' Weather Investments agreed to exercise a sell option at a price of $113.6 million, Telenor said on Thursday.

Telenor, which already holds 39.5 per cent of Vimpelcom, expects the deal to close on or before 1 October.

Altimo, part of Russian billionaire Mikhail Fridman's Alfa Group, raised its stake in Vimpelcom to 40.5 per cent on Wednesday after buying 14.8 per cent of the firm from Weather Investments.

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