Mergers and Acquistions News
Categories: Telecoms
October 6th 2009, 16:54PM
Norwegian telecoms firm Telenor and Altimo, the telecoms arm of the Russian Alfa Group, have put aside their legal differences and announced a merger deal aimed at creating a leading mobile provider for emerging markets.
Telenor and Alfa Group recently ended a five-year legal battle over control of Russia's second most popular mobile operator, VimpelCom.
The parties have now reached an agreement to combine their holdings in OJSC VimpelCom and Ukranian operator Kyivstar to form a new jointly-owned mobile telecoms company, which will be named VimpelCom Ltd.
It is hoped that the new entity will provide high-quality mobile telecoms services in Russia, Ukraine, Georgia and even further afield to Vietnam, Cambodia and Laos.
Jon Frefrik Baksaas, president and chief executive officer of the Telenor Group, said the deal turns a "five-year struggle into an exciting venture for the future".
"VimpelCom Ltd. will have ample opportunities for future growth and value creation for the benefit of all shareholders," he added.
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