Viettel looks to acquire struggling EVN Telecom, report says

26 Oct 2011

According to a report by Viet Nam News, military-run telecoms company Viettel has made moves to acquire struggling rival EVN Telecom. Under the planned deal, EVN Telecom’s capital sources, assets, telecom infrastructure facilities and information technology will be handed over to Viettel. A steering committee, chaired by Viettel’s general director Hoang Anh Xuan, has been established to monitor all aspects of the transition period. The deal, which is subject to government approval, could be completed as early as November. Earlier this week, local press reported that Hanoi Telecom – part-owner of cellular operator Vietnamobile – had submitted a proposal to purchase the network infrastructure of EVN Telecom, which is a subsidiary of utility firm Electricity of Vietnam. In January 2011 the purchase of a 49% stake in EVN Telecom by the Corporation for Financing and Promoting Technology (FPT) was approved by the government, but FPT announced it had pulled out of the deal three months later.

Vietnam, EVN Telecom, Vietnamobile, Viettel Telecom