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EBRD announces sale of Unitel in Uzbekistan
Mobile phone operator sold to Russia’s Vimpel-Communications for $200m
The European Bank for Reconstruction and Development (EBRD) announces the
completion of the sale of UNITEL LLC (Unitel), the second largest mobile phone
operator in Uzbekistan, to Vimpel-Communications of Russia. The sale price for
Unitel was $200 million plus assumption of net debt.
The EBRD was the smallest shareholder in the equity consortium selling the
company. The others were Germanos SA, the leading Greek retail network of
mobile service and equipment centres, and its leading shareholder Mr Panos
Germanos.
Unitel holds national GSM-900 and 1800 licences and currently serves
approximately 364,000 subscribers, representing, according to the company’s
estimates, a 31 per cent share of the Uzbek market. The transition impact
achieved through the EBRD’s investment relates primarily to the successful
restructuring of the company and expansion of Uzbekistan’s mobile
communications infrastructure.
Vimpel-Communications is one of Russia’s largest mobile operators and is
listed on the New York Stock Exchange.
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