Vimpelcom Ltd and its subsidiary Global Telecom Holding (GTH) announced closing the deal to sell GTH’s 51% stake in Algerian mobile operator Djezzy to Algerian National Investment Fund (FNI) for $2.6 billion.
Global will keep operational control of the Algerian mobile operator.
The sale to the Algerian National Investment Fund (FNI) is the result of a deal reached last April between GTH's Russian parent firm Vimpelcom and Algeria to end a dispute over the country's moves to nationalise Djezzy.
"The deal, on a group level, also releases significant cash amounts to GTH and Vimpelcom to pay down gross debt," Jo Lunder, chief executive of Vimpelcom, said in the statement.
GTH’s extraordinary general meeting had approved in August an offer to sell 51% in the Algerian unit to FNI.
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