VimpelCom to Buy Remaining 49% of Corbina Telecom

Russia's VimpelCom has signed an agreement to purchase 49% of the shares of Closed Joint Stock Company Cortec ("Corbina Telecom") from Inure Enterprises for approximately US$404 million. VimpelCom's wholly-owned indirect subsidiary OOO EDN "Sovintel" already owns 51% of the shares of Corbina Telecom.

"The purchase of the minority stake in Corbina Telecom is a logical step in the execution of our strategy to build an integrated Russian telecoms operator," Alexander Izosimov, Chief Executive Officer of VimpelCom commented. "The combination of infrastructures, technologies, client bases and expertise of VimpelCom, Golden Telecom and Corbina Telecom will provide a solid base for our successful expansion in Russia's fast-growing broadband Internet market."

The transaction closing remains subject to the receipt of regulatory approvals.

Posted to the site on 4th June 2008