Etisalat denies it has bought stake in ArmenTel

11 Oct 2006

UAE-based operator Etisalat has denied media reports that it has agreed to purchase a 90% stake in Armenian fixed line operator ArmenTel, writes Bloomberg. The Russian Kommersant newspaper, citing a source close to the Armenian government, yesterday reported that a consortium led by the Dubai-based telco, and including investment fund Istithmar, had agreed to pay Greece’s Hellenic Telecommunications Organisation (OTE) USD600 million for its stake in the Armenian telco. The source said that the consortium won the tender earlier this year, beating off rival bids from Russian companies AFK Sistema and VimpelCom, and a consortium of VTEL Holdings and Knightsbridge Associates.

Armenia, United Arab Emirates, Cosmote, Etisalat UAE, VEON Armenia (Beeline)