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Russia/Ukraine: Telecom businesses battle for dominance, make deals

By  |  October 30, 2012
Russia/Ukraine: Telecom businesses battle for dominance, make deals

In a move to gain the upper-hand in an ongoing battle with Telenor ASA for dominance over VimpelCom Ltd., Altimo, a unit of Alfa Group, is looking to make a deal with Ukrainian billionaire Viktor Pinchuk and his Bertofan Investment Litd. The two companies have agreed upon a deal in which Altimo will acquire 123.6 million preferred shares of VimpelCom from Bertofan. The deal was reached for $217.54 million and must be complete within 60 days under terms of agreement If the deal proceeds, Altimo will have a larger stake in VimpelCom than Telenor’s share at 47.85 percent. The deal has yet to be approved by competition authorities.

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