Armenia to Sell 10% in ArmenTel to VimpelCom

MOSCOW, Mar 22 (Prime-Tass) -- The government of Armenia has decided to sell its 10% stake in telecom operator ArmenTel to Russia's VimpelCom for 38 million euros, Armenian media sources reported Thursday, citing a spokesman for the country's government.

The deal will give Russia's second largest mobile operator full control of ArmenTel. In November 2006, VimpelCom bought 90% in the operator from Greece-based Hellenic Telecommunications Organization for 341.9 million euros and assumed ArmenTel's debt of about 40 million euros.

VimpelCom is currently in talks with Armenia's government over the terms of the deal, a spokesman for VimpelCom said, without providing timelines.

ArmenTel is a fixed-line and mobile operator in Armenia with licenses in the GSM-900 and CDMA standards. ArmenTel's subscriber base includes approximately 600,000 fixed-line subscribers and 400,000 GSM subscribers.

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Posted to the site on 22nd March 2007