VimpelCom bags remaining 49% of Corbina Telecom
June 5, 2008 - Russian telecoms group VimpelCom has purchased the remaining 49% it does not own of Moscow-based telco Corbina Telecom for US$ 404mn, making the latter a now wholly-owned subsidiary of VimpelCom.
"The purchase of the minority stake in Corbina Telecom is a logical step in the execution of our strategy to build an integrated Russian telecoms operator," said Alexander Izosimov, CEO of VimpelCom. "The combination of infrastructures, technologies, client bases and expertise of VimpelCom, Golden Telecom and Corbina will provide a solid base for our successful expansion in Russia's fast-growing broadband Internet market."
VimpelCom spent $4.3 billion this year in acquiring Golden Telecom, Russia's largest independent fixed-line provider, which owned 51 percent of Corbina. VimpelCom has recently signed an agreement with Microsoft to deliver Mediaroom-based IPTV services in Russia and the CIS region via Corbina Telecom over its fibre-to-the-home network.
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