UPDATE: Fridman’s Altimo offers $1.8 billion to buy out Orascom minority shareholders

Russian entrepreneur Mikhail Fridman’s Russian operator Altimo has offered $1.8 billion to buy available shares from Orascom Telecom minority stockholders.

Reports yesterday confirmed Altimo’s interest in the Egyptian company, after it declared it would offer $0.70 for the 5.245 billion shares held by minority shareholders - which are largely available through the Egyptian stock market.

More than a quarter of minority shareholders, 26.2%, must accept the offer for Altimo to make good on the tender. Altimo is making the proposed acquisition through its investment arm; Baskindale Limited Group.

The Russian billionaire is said to be looking to spend cash accrued from selling its oil producer TNK-BP to Rosneft in March 2013 for $14 billion.

Russian operator VimpelCom, of which Altimo owns a 47.85% stake, has said it would not sell its 51.92% in Orascom as part of the deal.