Djezzy valuation completed; government and Vimpelcom now in talks

22 Mar 2012

The Algerian government has decided on a valuation for Russian-owned firm Vimpelcom’s local cellular operator, Djezzy, and the government is now negotiating with Vimpelcom in an attempt to agree a price to nationalise 51% of the cellco. ‘The valuation has been done. We have received it. We are now in talks,’ Reuters quotes Finance Minister Karim Djoudi as saying. The details of the valuation have not been disclosed. Vimpelcom inherited Djezzy when it acquired Egypt-based Orascom Telecom last year in a USD6 billion deal. Algerian authorities were unhappy with the takeover and embarked on a plan to buy a majority stake in the operator, as part of a wider government nationalisation strategy.

Algeria, Optimum Telecom Algerie (Djezzy), VEON