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Altimo offers to buy rest of Orascom Telecom

2013-04-01 08:31:00| Telecompaper Headlines

(Telecompaper) Russian investment company Altimo has made an offer to buy the shares it does not already own in Egypt-based Orascom Telecom. Altimo is offering USD 0.70 a share, similar to Orascom's last closing price of EGP 4.41 the day before the announcement. The offer values all of Orascom at USD 3.67 billion. Altimo currently owns around 47.9 percent of Russian operator VimpelCom, which holds about 51.7 percent of Orascom. Orascom sold most of its assets to Vimpelcom earlier, but still controls mobile operations in Algeria, Bangladesh, Burundi, Canada, the Central African Republic, Pakistan and Zimbabwe.

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