Telenor may up voting stake in VimpelCom Ltd to 40% for $114 mln

MOSCOW, Feb 16 (PRIME) -- Norwegian telecommunications company may increase its voting stake in Amsterdam-based VimpelCom Ltd., which is the owner of major Russian mobile operator VimpelCom, to 39.8% by buying a 3.4% voting stake under an option agreement for U.S. $113.6 million, according to the terms of the option agreement seen by PRIME Thursday.

Telenor may buy the 3.4% voting stake, or 71 million preferred shares, from VimpelCom Ltd.’s another shareholder, Egyptian tycoon Naguib Sawiris’ Weather Investments II.

The option deal also envisages Telenor paying 9% of the aforementioned sum annually to Weather Investments II for the stake.

Telenor has the right to exercise a call option for the stake in the period from January 1, 2015, till approximately January 15, 2016, while Weather Investments II has the right to exercise a put option in the period from August 15, 2012, till January 15, 2016. Weather Investments II has no right to make any transactions with these preferred shares or pledge them as collateral against loans.

Telenor and Weather Investments II signed an option deal following Telenor’s acquisition of an 11.35% voting stake, or 234 million preferred shares from Weather Investments II for $374 million.

After the purchase of the 11.35% voting stake, Telenor’s voting stake in VimpelCom Ltd. increased to 36.36% from 25.01%, while Sawiris’ voting stake decreased to 18.28% from 29.63%, Telenor said Wednesday.

VimpelCom' Ltd.’s third key shareholder is Russian financial and industrial conglomerate Alfa Group’s telecommunications arm Altimo, which holds an about 25.00% voting stake in the company.

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