Russian telecoms operator Vimpelcom will divest its 49% stake in GTel, a Vietnam-based mobile operator, for US$45m.
Vimpelcom said the interest will be sold to GTel Transmit and Infrastructure Service One Member, a related party of GTel.
Allens…
Russian telecoms operator Vimpelcom will divest its 49% stake in GTel, a Vietnam-based mobile operator, for US$45m.
Vimpelcom said the interest will be sold to GTel Transmit and Infrastructure Service One Member, a related party of GTel.
Allens Arthur Robinson acted as legal adviser on the transaction.
Vimpelcom said that it decided to impair its investment in Vietnam in Q4 2011, following a business plan review.
Jo Lunder, CEO of Vimpelcom, commented: “We have previously outlined our value agenda, within which all of our operations are reviewed to assess their future value to the group. The decision to dispose of our interest in GTel Mobile is a result of this process, which focuses on allocating capital to those markets where we see the best opportunities to generate shareholder value.”
Following this stake sale, Vimpelcom will no longer be present in Vietnam.
The country’s mobile operator market is currently overcrowded but several pending deals could mark the beginning of a consolidation wave.
