Vimpelcom completes acquisition of outstanding ArmenTel stake

19 Apr 2007

Vimpelcom has announced the closing of the transaction to acquire 10% of the shares of ArmenTel from the government of Armenia to raise its equity holding in the company to 100%. The Russian firm paid approximately EUR38.6 million for the outstanding shares, constituting one-ninth of the final price paid by Vimpelcom for the other 90%, acquired in November 2006. In addition, the Russian cellco will pay an amount representing 10% of the retained net profit of ArmenTel for the interim period November 2006 – April 2007.