VimpelCom's Unit Sells Burundi And CAR Operations For $65 Mln -Quick Facts

(RTTNews) - VimpelCom Ltd. (VIP), an Amsterdam -based provider of telecommunications services, Monday announced that its 51.9 percent owned unit Global Telecom Holding S.A.E. has sold its entire stake in Telecel Globe Limited. for $65 million. Telecel Globe owns each of U-COM in Burundi and Telecel CAR in Central African Republic.

The deal price is subject to certain post-closing adjustments, the company noted.

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, said, "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 announced earlier, Global Telecom previously agreed to sell TG to another purchaser in first quarter of 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close the deal and forfeited a deposit it had paid to GTH in accordance with the terms of a purchase agreement that is no longer in force.