VimpelCom expands into Armenia

Second placed Russian cellco, VimpelCom, said Friday that it has reached an agreement with Greece’s Hellenic Telecommunications Organization (OTE) to acquire 90 pre cent of Armenia Telephone Company, which operates in Armenia as Armentel.

VimpelCom said it paid the purchase of Eur341.9m (£230m) plus the assumption of approximately Eur40m in net debt.

Armentel is a fixed line and mobile operator with approximately 600,000 fixed line subscribers and 400,000 GSM subscribers.

The operator has approximately 40 per cent mobile market share, according to VimpelCom.