State OKs Vimpelcom’s ArmenTel purchase

15 Nov 2006

According to reports from the Russian Prime Tass news service, the government of Armenia has rubber-stamped Vimpelcom’s proposed acquisition of a 90% stake in its national fixed line PTO ArmenTel.

Earlier this month Vimpelcom announced it had it agreed terms with Hellenic Telecommunications Organisation (OTE) of Greece to buy the latter’s stake in the operator 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.