Reuters: Mergers News: Algeria to pay $6.5 bln for Vimpelcom's Djezzy-source

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Algeria to pay $6.5 bln for Vimpelcom's Djezzy-source Mar 28th 2012, 12:11 ALGIERS, March 28 | Wed Mar 28, 2012 8:11am EDT ALGIERS, March 28 (Reuters) - Algeria will pay $6.5 billion to acquire a controlling stake in Vimpelcom's Algerian mobile phone unit, a top finance ministry source said on Wednesday, potentially ending a dispute that has dragged for over a year. "The deal is that Algeria will pay $6.5 bln to acquire 51 percent of Djezzy," a senior source familiar with the telecommunications file at the finance ministry told Reuters. Russia-focused Vimpelcom acquired Djezzy last year as part of a $6 billion deal to buy the assets of Egyptian firm Orascom Telecom, but the transaction immediately became clouded in uncertainty after the Algerian government said it wanted a majority stake in the unit. Djezzy was the most lucrative part of Orascom's business.

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