Weather Investments II Exits VimpelCom, Settles Its Debt

Weather Investments II (“Weather”), an investment firm led by entrepreneur Naguib Sawiris, announced Thursday that it has sold 305,000,000 shares of common stock in VimpelCom Ltd. (“VimpelCom”), representing approximately 14.8% of voting rights in the company, to Altimo.

Proceeds were mainly used to settle Weather’s entire debt totaling US$ 2 Billion all owed to private equity firms and banks.

Accelero Capital acted as Weather’s main advisor and Clearly Gottlieb Steen & Hamilton LLP  as Weather’s lead legal counsel on this transaction.

Source: Press Release