Alfa Group offers to buy out Orascom shareholders for USD0.70 per share

2 Apr 2013

Billionaire Mikhail Fridman, the owner of Russia’s Alfa Group, has offered to buy out investors in Orascom Telecom Holding (OTH), Bloomberg reports. The development comes after Alfa offloaded a Russian oil producer for USD14 billion. Through his Altimo telecoms arm, which currently owns 52.7% of the equity (41.9% voting rights) of Amsterdam-based Vimpelcom Group, Fridman has offered USD0.70 per share for the 5.25 billion shares currently floated on the Egyptian Stock Exchange. According to an announcement by the Egyptian Financial Supervisory Authority (EFSA) the buyout offer has been made by Baskindale Limited, a company based in Cyprus and wholly owned by Altimo.

According to TeleGeography’s GlobalComms Database Vimpelcom acquired a 51.7% stake in OTH, which encompassed telecoms assets in Algeria (Djezzy), Canada (Wind Mobile), Pakistan (Mobilink), Bangladesh (Banglalink), Zimbabwe (Telecel), Burundi (U-Com) and the Central African Republic (Telecel), as part of its ‘large and complex’ USD6.5 billion merger with Wind Telecom (formerly Weather Investments), the telecoms holding company owned by Egyptian telecoms tycoon Naguib Sawiris.