Four pre-selected to bid for ArmenTel

23 Jun 2006

OTE, the Greek parent of Armenian fixed line operator ArmentTel, has whittled down the number of companies it will allow to bid for its 90% stake in the company from ten to four. The approved companies are Russian cellcos Vimpelcom and Mobile TeleSystems (MTS), a consortium of VTEL Holdings and Knightsbridge Associates, and another consortium backed by UAE-based Etisalat.

ArmenTel was established in March 1995 as a joint venture between the Ministry of Communications and US-owned Trans World Telecom. In 1997 the MTC launched the privatisation of the telco, and at the end of that year Greece’s OTE won an international tender, paying USD143 million for a 90% stake in ArmenTel in March 1998.

Armenia, Cosmote, Team Telecom Armenia (formerly Beeline)