Russian billionaire Mikhail Fridman’s Altimo is preparing a tender offer for Orascom (OTH), valuing the Egyptian operator at US$3.67bn.
Altimo owns 47.85% of VimpelCom’s shares. VimpelCom is OTH’s controlling shareholder, with a nearly 52%…
Russian billionaire Mikhail Fridman’s Altimo is preparing a tender offer for Orascom (OTH), valuing the Egyptian operator at US$3.67bn.
Altimo owns 47.85% of VimpelCom’s shares. VimpelCom is OTH’s controlling shareholder, with a nearly 52% stake.
According to an announcement by Orascom published on Sunday, Altimo offers US$0.70 per share for the London listed company.
Before the tender offer can proceed, it requires approval from the Egyptian Financial Supervisory Authority EFSA.
According to an Altimo spokesperson the approval is expected within days.
Orascom operates in Algeria, Burundi, Zimbabwe, The Central African Republic, Canada, Pakistan and Bangladesh.
VimpelCom acquired a 51.9% stake in Orascom in 2011 – the asset was part of Naguib Sawiris’ Wind Telecom.
Altimo owner Mikhail Fridman recently sold his stake in Russian oil firm TNK-BP for US$14bn, which he is now seeking to reinvest.
On Thursday last week A1, another vehicle owned by Fridman, said it was prepared to offer up to US$4bn for Tele2 Russia in an attempt to derail a transaction with VTB Group.
