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Vimpelcom to attempt deal with Algeria on Djezzy-CEO

The $6.6 billion valuation includes Djezzy.


October 5, 2010 9:11 by

Vimpelcom will attempt to broker a deal with the Algerian government to retain ownership of telecoms group Djezzy following its $6.6 billion deal for the Weather empire, CEO Alexander Izosimov told Reuters on Monday.

“We had to accept that risk (around Djezzy), but we are absolutely open to a deal with the Algerian government … we believe it will be a fair process and we will find a solution,” he told Reuters Insider Television.

The $6.6 billion valuation includes Djezzy. Algeria had wanted to buy back Djezzy from previous owner, Egypt’s Naguib Sawiris.

Izosimov said he would travel to Algeria to join a delegation led by Russian President Dmitry Medvedev later this week.

(Reporting by Adrian Murdoch, Writing by John Bowker, Editing by Melissa Akin)


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