Mergers and Acquistions News
Categories: Telecoms
October 5th 2010, 15:46PM
One of the largest Russian telecom firms, VimpelCom, will create the fifth biggest telecoms provider in the world when it merges its operations with Weather Investments, the Egyptian telecommunications firm, for $6.6 billion (£4.2 billion).
Via Weather, VimpelCom will acquire all of Wind, an Italian mobile phone business, and 51.7 per cent of Egyptian group Orascom Telecom.
The merger will create a major new player in the telecoms sphere that will boast 174 million customers.
"VimpelCom's supervisory board has fully endorsed VimpelCom's expansion strategy and the proposed transaction with Weather. This combination creates a top tier global telecoms company with strong platforms across Europe, Asia and Africa," Jo Lunder, the chairman of VimpelCom, said in a statement.
Shareholders of Weather will get an 18.5 per cent say in VimpelCom as a result of the transaction.
Outside of Russia, VimpelCom has operations in Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan and Vietnam and Cambodia.
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