Vimpelcom to acquire outstanding ArmenTel stake

23 Mar 2007

The Armenian government has agreed to sell its 10% stake in national telecoms operator ArmenTel to Vimpelcom of Russia for EUR38 million (USD50.8 million), local press report. The deal will give the Russian operator full ownership of the Armenian PTO, following its acquisition of OTE of Greece’s 90% interest in November 2006 for EUR341.9 million, plus about EUR40 million of debt. A spokesman for Vimpelcom confirmed the company was in talks with the Armenian authorities over the finer details of the transaction. He did not provide any timetable for the completion of the deal.