Market Updates
VimpelCom Wins Shareholder Approval for $6 Billion Wind Deal
Arthi Gupta
17 Mar, 2011
New York City
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Russia based VimpelCom Ltd. said its shareholders approved the combination of the company with Wind Telecom S.p.A. The total deal is valued at $6 billion.
[R]10:00 AM New York – Russia based VimpelCom Ltd. said its shareholders approved the combination of the company with Wind Telecom S.p.A. The total deal is valued at $6 billion.[/R]
VimpelCom Ltd. said its shareholders approved the combination of the company with Wind Telecom S.p.A., despite a vocal opposition from its largest shareholder Telenor ASA.
In all 53.5% of voted shares approved the merger with the assets controlled by the Egyptian billionaire Naguib Sawiris. Telenor controls a 36% voting stake in VimpelCom and has been involved in a legal fight with the company and urging the telecom carrier to lower its debt.
Through the deal, VimpelCom will have more than 50% stake in Orascom and Italy based Wind Telecommunicazioni SpA.
Under the deal VimpelCom will pay $1.495 billion in cash and 325.6 million in new shares and 305 million in new preferred shares in the company to Wind Telecom. The total deal is valued at $6 billion.
VimpelCom said the merger with Wind Telecom is expected to lead to the creation of a new global telecom player with over 173 million mobile subscribers covering a population of 838 million people.
In addition, the combined group will have a diversified revenue base, larger scale of operations, and potential synergies estimated to be $2.5 billion on a net present value basis.
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