Thursday, May 5, 2011

VimpelCom to Acquire Mobile Operator in Vladivostok for US$420M

VimpelCom agreed to acquire 100% of the shares of Open Joint-Stock Company "New Telephone Company" ("NTC") from KT Corporation and Summit Telecom Global Management B.V., subsidiary of Sumitomo Corporation, for US$420 million.

NTC is a leading mobile operator in the Primorskiy region of Russia and provides voice and data services through a wide range of wireless, fixed and broadband solutions as well as IPTV and IP–telephony. In 2010, NTC recorded approximately RUR 3.4 billion in revenues and had a mobile subscriber base of approximately 950,000 as of 2010 year-end. NTC is based in Vladivostok.

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