Prime-Tass English-language Business Newswire
March 22, 2007 Thursday 6:18 PM EET
Armenia to sell 10% in ArmenTel to VimpelCom for 38 mln euros
The government of Armenia has decided to sell its 10% stake in
telecom operator ArmenTel to Russia’s VimpelCom for 38 million euros,
Armenian media sources reported Thursday, citing a spokesman for the
country’s government.
The deal will give Russia’s second largest mobile operator full
control of ArmenTel. In November 2006, VimpelCom bought 90% in the
operator from Greece-based Hellenic Telecommunications Organization
for 341.9 million euros and assumed ArmenTel’s debt of about 40
million euros.
VimpelCom is currently in talks with Armenia’s government over the
terms of the deal, a spokesman for VimpelCom said, without providing
timelines.
ArmenTel is a fixed-line and mobile operator in Armenia with licenses
in the GSM-900 and CDMA standards. ArmenTel’s subscriber base
includes approximately 600,000 fixed-line subscribers and 400,000 GSM
subscribers.