Telecom service provider VimpelCom said its subsidiary Global Telecom Holding (GTH) has sold 51 percent stake in Omnium Telecom Algeria (formerly known as Orascom Telecom Algerie) to the Algerian National Investment Fund for $2.6 billion.
GTH will continue to exercise operational control over OTA and, both GTH and VimpelCom will continue to fully consolidate Omnium Telecom Algeria.
VimpelCom CEO Jo Lunder said: “With this private-public ownership structure, Djezzy is positioned better than ever to lead the way in Algeria, offering customers high quality mobile services and the best digital experience. The deal also releases significant cash amounts to GTH and VimpelCom to pay down gross debt.”
editor@telecomlead.com
