Investment firm Altimo has increased its stake in VimpelCom from 40.5% to 41.9% via a series of private and open market and transactions for US$273.8m.
Altimo, a unit of Russian businessman Mikhail Fridman’s Alfa Group, disclosed in a regulatory…
Investment firm Altimo has increased its stake in VimpelCom from 40.5% to 41.9% via a series of private and open market and transactions for US$273.8m.
Altimo, a unit of Russian businessman Mikhail Fridman’s Alfa Group, disclosed in a regulatory filing that it bought 27.2 million shares in the Amsterdam-based, Russian-focussed mobile operator between 17 August and 4 October, paying between US$10.31 and US$12.25 per share.
The news follows Norwegian telco Telenor’s announcement last Monday that it had increased its voting stake in VimpelCom to 42.5% following the exercise of a put option to acquire shares from Weather Investments II for US$113.6m.
Telenor took the opportunity to propose a solution to its dispute with Altimo and Russia’s Federal Antimonopoly Service (FAS) over Vimpelcom’s ownership, which the FAS subsequently backed.
“[A]s a business matter and in view of the history of the recent transactions, we seek a solution including Altimo, Bertofan and Telenor that gives Altimo and Telenor parity in VimpelCom,” a Telenor spokesperson said Monday. “To this end, Telenor proposes that Altimo and Telenor offer to buy the preferred shares held by Bertofan Investments Limited for a full and fair price, and in such proportions as will secure equal ownership positions for Altimo and Telenor after such transaction.”
Asked about Altimo’s view of the proposal, a company spokesperson said in an email today: “We haven’t received any concrete proposals from Telenor re Bertofan shares”.
Bertofan Investments is owned by Ukrainian businessman Viktor Pinchuk and has a 6% stake in VimpelCom.
Â
