Russia’s Altimo Moves to Buy 48% Shares of Orascom Telecom

Russian investment firm Altimo has prepared a tender to buy 48.08 percent stakes of Orascom Telecom – the parent group of Mobilink – against USD 1.8 billion to value Orascom Telecom at mere USD 3.67 billion.

Altimo made this offer to minority stakeholders of Orascom, many of whom hold shares through Egypt’s stock exchange or through global depositary receipts in London.

It maybe recalled that 51.9 percent Orascom Telecom stakes are already held by VimpelCom, a group which is majorly owned (47.9%) by Altimio as well (see below graph)

Orascom tender offer

VimpelCom had earlier hinted that it could be the part of the tender, however, yesterday it announced not to become a party of the deal.

Mikhail Fridman’s Altimo made the offer by convincing the minority stake holders to take this attractive opportunity to cash-out their investment with certainty and with a significant premium to the historic trading levels in highly volatile emerging markets.

Analysts, however, believe that the offer undervalues the Orascom Telecom.

At least 26.2 percent minority stakeholders must accept the buy-out offer of Altimo that would indirectly give Altimo the controlling stake in the company.

Orascom said it will appoint an advisor to evaluate the tender offer; its board is due to disclose its opinion within 15 working days.

Via Total Telecom, Reuters

  • Dear PP, you are our only source of letting us know that when you tube will be re opening in our beloved country. you tube has so much too offer in terms of tutorials, reviews, testimonials etc… many Islamic countries or where Muslims are in good numbers have access to you tube and are living peacefully. We, Pakistanis are also a peace loving nation therefore its not fair that we are treated or symbolized as extremists due to some of our angry brother and sisters around the globe….
    Please post an update on You tube future in Pakistan as the govt shouldn’t be making fools of theirs image when all the Pakistan is accessing you tube through other sources……

  • Ltd feature videos

    Watch more at LTD