Vimpelcom close to buying Weather, report says

17 Aug 2010

Reuters reports that Russia’s Vimpelcom and Naguib Sawiris are ‘close’ to signing a term sheet for the sale of the Egyptian tycoon’s holding company Weather Investments, which owns 50%-plus-one-share of Egyptian-based mobile group Orascom Telecom and 100% of Italian telco Wind Telecomunicazioni as well as controlling Greek operator Wind Hellas. The report, citing Italian newspaper Il Sole 24 Ore, said that Sawiris is looking at selling Weather to Vimpelcom with help from Lazard, Deutsche Bank and Citigroup. Vimpelcom declined to comment on the Il Sole 24 Ore report today whilst Orascom was not immediately available for comment.