Vimpelcom buys NTC for $420 million
09 May 2011 |
VimpelCom subsidiary OJSC VimpelCom has acquired 100% of New Telephone Company (NTC) from the South Korean telco KT Corporation for $420 million.
Over the next four weeks, VimpelCom is expected to complete 90% of the acquisition with the further 10% being finalised in the third quarter of this year.
This acquisition gives VimpelCom the opportunity to enter eastern Russia where NTC already has an established customer base. Elena Shmatova, Head of the Russia Business Unit of VimpelCom, said: “The acquisition substantially enhances our position in one of the most important regions in the Far East of Russia.”
The deal follows VimpelCom’s completed acquisitions of Wind Telecom in April and Laos mobile operator Millicom Holding Laos in March.