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VimpelCom sells Telecel Globe Limited

Staff writer |
VimpelCom Ltd announced that its 51.9% owned subsidiary Global Telecom Holding S.A.E. (GTH) has sold its entire 100% stake in Telecel Globe Limited (TG), which owns 100% of each of U-COM in Burundi and Telecel CAR in Central African Republic, for $65 million, subject to certain post-closing adjustments.

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TG was acquired by Econet Wireless Global Limited, a diversified telecommunications group with operations in several countries mainly in Africa.

Andrew Davies, Chief Financial Officer of VimpelCom, commented: “We have previously outlined our Value Agenda within which our operations are reviewed to assess their future value to the Group. The decision to sell our operations in CAR and Burundi is a result of this process.”

As disclosed earlier, GTH previously agreed to sell TG to another purchaser in Q1 2013. That purchaser failed to close the deal and forfeited a deposit it had paid to GTH in accordance with the terms of a purchase agreement that is no longer in force.

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