Mergers and Acquistions News
Categories: Software
March 18th 2011, 12:06PM
Shareholders at Russian telecoms company Vimpelcom have finally agreed to a $6.5 billion buyout of Wind Telecoms, a move which will create the fifth largest mobile network in the world, the Financial Post has said.
The deal earned a 53.3 per cent majority among shareholders, Reuters reported, but it was an uphill struggle, as major shareholder Telenor, which is based in Norway, originally opposed the deal.
Conflict has meant an unsettled time for the group in the run up to the acquisition, but now, company analysts have said, the focus can return to operations while the deal is completed. This is expected to take place by the end of the second quarter.
Vimpelcom was set up around 12 years ago, and since then it has become a major player in the telecoms market. Today, approximately 92 million people subscribe to it worldwide. That number is set to increase following the acquisition of Wind.
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