Millicom International Cellular has said that VimpelCom has not yet completed the acquisition of its 74.1% holding in Millicom Lao, “despite all conditions precedent having been met.”
In addition, Millicom said that it may “seek compensation for any loss…
Millicom International Cellular has said that VimpelCom has not yet completed the acquisition of its 74.1% holding in Millicom Lao, “despite all conditions precedent having been met.”
In addition, Millicom said that it may “seek compensation for any loss of value that arises as a result of VimpelCom’s decision not to complete.”
For its part, VimpelCom has said that it will complete the transaction once it receives approval from the Lao government.
Millicom inked a deal to sell its 74.1% stake in Millicom Lao to VimpelCom in September 2009 for US$65m in cash.
Freshfields Bruckhaus Deringer is advising VimpelCom and the firm has not appointed an investment bank in any capacity.
Goldman Sachs is advising Millicom.