FINANCIAL NEWS

Vimpelcom to buy stake in Egypt’s Orascom

05 Oct 2010

(MENAFN) Norwegian-Russian telecoms firm Vimpelcom said that it has signed a $6.5 billion deal with Egyptian billionaire Naguib Sawiris to buy a majority stake in Egypt’s Orascom Telecom and all of Italy’s Wind, Reuters reported.

If finalised, the deal would help Orascom’s holding company lighten its debt burden and become a player in the one of world’s top five telecoms firms, a goal Sawiris has talked about since 2006.

The acquisition would mark a major expansion into Asia, North Africa and the developed European market, for Vimplecom, which is part controlled by Russian billionaire Mikhail Fridman.

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