Norwegian telco Telenor has upped its stake in VimpelCom via a US$715m deal with JP Morgan Securities.
Telenor said in a statement to the Oslo bourse it has acquired 65 million common shares in VimpelCom from JP Morgan, thereby increasing its …
Norwegian telco Telenor has upped its stake in VimpelCom via a US$715m deal with JP Morgan Securities.
Telenor said in a statement to the Oslo bourse it has acquired 65 million common shares in VimpelCom from JP Morgan, thereby increasing its financial interest in the Russian-founded, Amsterdam-based telco from 31.67% to 35.66% and its voting interest from 36.36% to 39.51%.
Telenor said it bought depository receipts representing the 65 million shares after terminating a cash-settled total return swap agreement which it entered into with the bank on 22 July last year.
Telenor last upped its stake in VimpelCom in mid-February, when it bought 234 million shares from Weather Investments – the unit via which Egyptian businessman Naguib Sawiris and his family hold their interests in VimpelCom – for US$374.4m.
At the time, Telenor CEO Jon Fredrik said the company would also work to increase its membership on the VimpelCom board to 11 members.
The other major shareholders in VimpelCom are Altimo, the investment arm of Russia’s Alfa Group, Weather Investments and Bertofan Investments, a Cyprus-registered investment vehicle linked to Ukrainian businessman Victor Pinchuck.
Telenor was not immediately available for comment.
