Business

Monday October 5, 2009

Telenor, Alfa end battle, plan asset merger


MOSCOW: Norwegian telecommunications company Telenor and Russia's Alfa Group say they are ending their legal battles and combining their main holdings in Russia and Ukraine into a single company.

Alfa and Telenor have been fighting for control of Russia's No. 2 mobile operator Vimpelcom.

A statement Monday from Telenor and Alfa's telecommunications arm, Altimo, said they have agreed to combine their holdings in Vimpelcom and Ukraine's Kyivstar into a new jointly owned mobile operator called Vimpelcom Ltd.

It says they would suspend all ongoing legal proceedings and seek to withdraw or settle them before the merger deal is completed.

The companies say combining Vimpelcom and Kyivstar will create one of the largest mobile operators in emerging markets. - AP


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