Telenor has upped its stake in Russia-based mobile operator Vimpelcom, thereby ending its dispute with family-owned investment vehicle Weather Investments II.

Telenor paid €288 million for 234 million VimpelCom preferred shares from Weather, which is owned by Egypt’s Sawiris family.

The deal increases the Norway-based operator’s ownership from 25 percent to 36.4 percent.

As a result, Telenor has withdrawn all its claims against fellow shareholders Altimo Holdings & Investments Ltd, Altimo Cooperatief U.A. and VimpelCom Ltd.

The dispute related to Telenor being denied the opportunity to buy more shares when VimpelCom merged with Naguib Sawiris’s Wind Telecom SpA.

"This transaction takes Telenor to approximately the same voting position as a successful outcome of the arbitration process would have achieved, and is therefore a commercial solution we are happy with," said Jon Fredrik Baksaas, Telenor's CEO.

"The withdrawal of the arbitration claim will prevent further dilution of the VimpelCom shareholders, and it will enable a more normal corporate governance situation in VimpelCom.”

Naguib Sawiris added: "I am very happy about this transaction which will allow Weather to participate actively in the Supervisory Board of VimpelCom, will foster improved corporate governance of the company and ensure a better focus of the management on industrial issues in a context in which the existing disputes among the key shareholders have been resolved."

More News

Nokia Networks veteran to lead A-L integration team Nokia Networks veteran to lead A-L integration team Nokia Networks veteran Jorg Erlemeier has been given the task of driving the integration of Nokia and Alcatel-Lucent. More detail
Ericsson teams up with Intel to add security to managed services Ericsson teams up with Intel to add security to managed services Ericsson is working with Intel Security in a bid to add enterprise security solutions to the managed services offering it provides to telecom operators. More detail
KPN sells BASE to Telenet KPN sells BASE to Telenet KPN is to sell its BASE mobile subsidiary to Telenet after agreeing a €1.3 billion deal with the Belgian cableco. More detail
Hutchison Whampoa targets MVNOs with Hue launch Hutchison Whampoa targets MVNOs with Hue launch Hutchison Whampoa has launched a new business to help MVNOs get off the ground by providing access to its networks alongside a range of business-enabling services. More detail
BT launches government-level security platform for enterprises BT launches government-level security platform for enterprises BT has launched an advanced security platform aimed at protecting government organisations and enterprises from cyber threats. 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.