VimpelCom has begun talks to sell a majority stake in its subsidiary, Orascom Telecom Algerie (OTA), to the Algerian Government.

Any potential sale is dependent on the two parties agreeing on a suitable price for the share of the company and a series of other conditions.

The mobile service provider has remained flexible over scenarios for the acquisition to help ensure an agreement is reached between the two parties. However, a deal will only be reached subject to definitive documentation and if a price is agreed by both parties.

After agreeing to discuss a deal, the Algerian Ministry of Finance and VimpelCom will now sit down to determine the value of OTA. Any transaction can only go ahead subject to corporate approval from Orascom Telecom Holding (OTH), the majority stakeholder in OTA which VimpelCom purchased last year.

OTH officials have not yet been involved in discussions over the potential acquisition. VimpelCom owns 51.7 percent of OTH, which owns 96.81 percent of OTA.

More News

Orange commits to its African dream, targets 20% revenue, EBITDA growth Orange commits to its African dream, targets 20% revenue, EBITDA growth Orange is chasing revenue and EBITDA growth in excess of 20 percent in Africa and the Middle East by 2018. More detail
EE fined £1 million by UK regulator EE fined £1 million by UK regulator EE has been fined £1 million for failing to comply with Ofcom’s rules on handling customer complaints. More detail
Ericsson formalises new non-telco business unit Ericsson formalises new non-telco business unit Ericsson has unveiled a new Industry and Society (I&S) business unit as it continues to focus on non-telco customers. More detail
Jazztel execs leave following takeover, brand to stay, Yoigo still up for grabs Jazztel execs leave following takeover, brand to stay, Yoigo still up for grabs Three of Jazztel’s most senior executives are to leave the company following the completion of Orange’s takeover. More detail
Telenor exec gets top job at Danish JV with TeliaSonera Telenor exec gets top job at Danish JV with TeliaSonera Telenor’s Hilde Tonne has been appointed as the CEO of the new joint venture between Telenor and TeliaSonera in Denmark. More detail
    

This website uses cookies to improve your experience. Using our website, you agree to our use of cookies

Learn more

I understand

About cookies

This website uses cookies. By using this website and agreeing to this policy, you consent to SJP Business Media's use of cookies in accordance with the terms of this policy.

Cookies are files sent by web servers to web browsers, and stored by the web browsers.

The information is then sent back to the server each time the browser requests a page from the server. This enables a web server to identify and track web browsers.

There are two main kinds of cookies: session cookies and persistent cookies. Session cookies are deleted from your computer when you close your browser, whereas persistent cookies remain stored on your computer until deleted, or until they reach their expiry date.

Refusing cookies

Most browsers allow you to refuse to accept cookies.

In Internet Explorer, you can refuse all cookies by clicking “Tools”, “Internet Options”, “Privacy”, and selecting “Block all cookies” using the sliding selector.

In Firefox, you can adjust your cookies settings by clicking “Tools”, “Options” and “Privacy”.

Blocking cookies will have a negative impact upon the usability of some websites.

Credit

This document was created using a Contractology template available at http://www.freenetlaw.com.