04 Oct 2010
(MENAFN) Egyptian billionaire Naguib Sawiris and VimpelCom Ltd., Russia?s second- largest mobile-phone operator, are closer to agreement on merging their phone assets, two people familiar with the matter said, Bloomberg reported. The deal negotiations are still private and to be announced later this week, the agreement may not be completed though.
The two sides have for weeks discussed the transaction to create a company valued at more than $25 billion. Sawiris would become a significant minority investor in the new company, which will include his Weather Investments SpA?s 51 percent stake in Egypt?s Orascom Telecom Holding SAE and Italian mobile operator Wind Telecomunicazioni SpA. The deal would create an entity with a combined mobile subscriber base of more than 200 million customers and give VimpelCom access to markets in Africa and the Middle East.
Close associates to both parties refused to comment on the private deal negotiations.
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