Vimpelcom still negotiating with Algeria over Djezzy sale

11 Apr 2012

The Algerian government says it is still in discussions with Russia’s Vimpelcom group over the state’s proposed acquisition of a 51% stake in Algerian mobile operator Djezzy. According to a Reuters report, which cites the country’s telecoms minister Moussa Benhamadi, negotiations ‘are still being conducted’, and are centred on the valuation of the cellco. This is despite recent news that relations between the two parties had deteriorated after Djezzy was hit with fines totalling DZD99 billion (USD1.3 billion) for alleged breaches of foreign exchange regulations. Vimpelcom has said it will appeal the fines and is considering going to international arbitration.

Algeria, Optimum Telecom Algerie (Djezzy), VEON