VimpelCom, Global Telecom To Sell Stake In Globalive For About C$135 Mln

(RTTNews) - VimpelCom Ltd. (VIP) and Global Telecom Holding S.A.E. (ORSTF) have agreed to sell all of their debt and equity stake in the Globalive group of companies in Canada to Globalive Capital, the controlling shareholder of Wind Canada and to certain investment funds for nearly C$135 million.

The proceeds will go to VimpelCom in repayment of part of the debt owed to the company, while Global Telecom will be released from all of its obligations under the related shareholders agreement and certain debt obligations of Wind Canada.

The transaction is expected to be complete shortly.