VimpelCom sells 90% stake in Wind tower unit to Abertis

VimpelCom has agreed to sell a stake in its mobile towers to Spain’s Abertis for €693 million.

The company’s Italian unit Wind is selling 90% of Galata, a subsidiary consisting of 7,377 towers, to Abertis while retaining a 10% stake.   

Upon completion of the transaction, Wind will enter into a tower services agreement for an initial term of 15 years with Galata for the provision of a broad range of services. 

Proceeds from the deal will go towards repaying Vimpelcom’s debt. Co-owned by Russian billionaire Mikhail Fridman and Norway’s Telenor, the company has sought to reduce its $20 billion net debt. Last month, Vimpelcom completed the sale of a majority stake in Algerian mobile operator Djezzy to the Algerian National Investment Fund for $2.6 billion.

The transaction is expected to be completed within the first quarter of this year.