Last Update 13:31
Wednesday, 12 May 2021

Algeria to pay $6.5 billion for Vimpelcom's Djezzy: Source

Valuation may clear the way to end a dispute involving Egypt's Orascom Telecom which has spun on for more than year

Reuters, Wednesday 28 Mar 2012

Algeria will pay $6.5 billion to acquire a controlling stake in Vimpelcom's Algerian mobile phone unit, a top finance ministry source said on Wednesday, potentially ending a dispute that has dragged for over a year.

"The deal is that Algeria will pay $6.5 billion to acquire 51 per cent of Djezzy," a senior source familiar with the telecommunications file at the finance ministry told Reuters.
Russia-focused Vimpelcom acquired Djezzy last year as part of a $6 billion deal to buy the assets of Egyptian firm Orascom Telecom, but the transaction immediately became clouded in uncertainty after the Algerian government said it wanted a majority stake in the unit.
Djezzy was the most lucrative part of Orascom's business.
Short link:



© 2010 Ahram Online.