Telenor to Lift Stake in Vimpelcom in Options Deal

Telecoms firm Telenor will purchase another 3.5 percent of Vimpelcom after Egyptian tycoon Naguib Sawiris’ Weather Investments agreed to exercise a sell option at a price of $113.6 million, Telenor said on Thursday.

Telenor, which already holds 39.5 percent of Vimpelcom, expects the deal to close on or before October 1.

Altimo, part of Russian billionaire Mikhail Fridman’s Alfa Group, raised its stake in Vimpelcom to 40.5 percent on Wednesday after buying 14.8 percent of the firm from Weather Investments.

Source: Reuters