VimpelCom announces ArmenTel takeover

6 Nov 2006

Russian mobile operator VimpelCom last Friday announced it had it agreed terms with Hellenic Telecommunications Organisation (OTE) of Greece to buy the latter’s 90% stake in Armenia’s national operator ArmenTel for around EUR341.9 million (USD436.3 million), plus EUR40 million in debt. In a press release the Russian firm said the deal is expected to be formalised before the end of 2006. Completion of the takeover is subject to the fulfilment of certain conditions, including the necessary approval of the government of Armenia.