Telenor in talks to sell Vimpelcom, sets sight on SE Asia

News General Russian Federation 4 APR 2016
Telenor in talks to sell Vimpelcom, sets sight on SE Asia
Telenor said it is in talks to sell its USD 2.42 billion stake in Vimpelcom, and that it would be targeting countries such as Vietnam, Indonesia and the Philippines for future growth. Telenor CEO Sigve Brekke said in an interview in Singapore that the company was in contact with potential buyers but declined to disclose any names. The company, which hasn't appointed financial advisers, is seeking to sell the holding soon, Brekke said, without elaborating.

Categories:

General

Companies:

Telenor,  Vimpelcom

Regions:

South-Eastern Asia

Countries:

Russian Federation

Tags:

Corporate strategy, M&A buyouts & divestments

Related Articles

GLOBAL 21 SEP 2017

Telenor sells 5.1% stake in Veon, sees NOK 2.9 bln proceeds in Q3

Telenor said it is continuing the sale of its interest in Veon, formerly known as Vimpelcom. It is offering 5.1 percent of Veon's total outstanding common shares, leaving Telenor with about 256.7 million ADS, or about 14.6 percent of Veon's common shares. The underwriters have priced the 90 million common shares and ADS in the offering at USD 4.15 each, giving net proceeds of USD 365 million (around NOK 2.9 billion), which will be included in Telenor's third-quarter cash flow statement.

RUSSIAN FEDERATION 7 FEB 2017

Telenor to close Russia office in Q1

Telenor Group plans to close its Russian representation in the first quarter of this year, reports Comnews.ru. The decision is related to plans of the company to sell its stake in the Vimpelcom Group.

ITALY 4 AUG 2016

Telenor's Johnsen joins Vimpelcom to head major markets

VimpelCom announced that it has appointed Kjell Morten Johnsen as Head of Major Markets. In this newly created role, he will be a member of the Group's Executive Committee, responsible for VimpelCom's businesses in Russia and Italy, and will report to CEO Jean-Yves Charlier. Kjell joins VimpelCom from Telenor, where he was head of Telenor Europe with previous roles as CEO of Telenor Serbia as well as Senior Vice President and Head of Telenor Russia, Telenor Central & Eastern Europe. He was also a member of

NETHERLANDS 2 AUG 2016

Telenor to sell 33% stake in Vimpelcom soon - report

Telenor plans to sell its 33 percent stake in Vimpelcom Ltd on the London stock exchange in September, reports Vedomosti, citing UK-based publication TMT Finance. TMT Finance has based its article on its own sources. A source close to Vimpelcom confirmed to Vedemosti that the stake would be sold in the next two months.

NORWAY 26 MAY 2016

Telenor's Sjulstad, Aa and Epsen shun parliamentary hearing

Neither Telenor's former CFO Richard Olav Aa nor its ex-general counsel Pal Wien Espen plan to attend the parliamentary committee hearing on the Vimpelcom affair on 27 May, Dagens Naringsliv reported on its website. Both were suspended in November 2015 and left the company when Deloitte's report on the affair was published on 29 April. Telenor director Ole Bjorn Sjulstad has declined the hearing, too, it said.

RUSSIAN FEDERATION 23 MAY 2016

Beeline, Tele2 seen likely candidates for Russian mobile M&A

Consolidation is inevitable in the Russian mobile market, reports Vedomosti citing analysts from JPMorgan and UBS. JP Morgan said that mobile operators Tele2 Russia and Beeline would be the most likely to participate in consolidation. Sources of Vedomosti said that representatives of Tele2 Russia and Beeline met for discussions on a merger at the end of 2015, but the talks didn't result in any progress. 

NORWAY 6 MAY 2016

Norwegian publisher brings out book on Telenor's recent past

Entrepreneur and author Odd Harald Hauge has written a book about Telenor's recent history, according to Nettavisen.no, citing a report in print magazine Kapital. The book will be published by Dinamo Forlag, following a commission last year by Telenor itself. Hauge said he has had access to all the information he needed, and "there will be news".

GLOBAL 29 APR 2016

Telenor admits 'insufficient' handling of VimpelCom case

Telenor is letting its CFO and general counsel go following a report showing the company failed to respond quickly to indications of corruption at its affiliate Vimpelcom. Telenor's board hired Deloitte Advokatfirma in November 2015 to investigate its handling of the allegations. The report found that Telenor's handling of the VimpelCom ownership was "insufficient". In 2011 already an employee seconded to VimpelCom raised concerns of potential corruption to executives in Telenor and to Telenor's nominated b

SCANDINAVIA 27 APR 2016

Telenor grows organic revenue 1.5% in Q1

Telenor reported organic revenue growth of 1.5 percent in the first quarter and maintained its outlook for 2-4 percent growth over the full year. First-quarter revenues totaled NOK 33.0 billion, up from NOK 31.4 billion a year earlier as mobile subscription and traffic revenue growth of 6 percent offset lower handset sales and declining revenues from fixed legacy products. Telenor added 5.4 million new mobile subscribers in the quarter, of which 2.2 million in Pakistan, 1.8 million in Myanmar and 1.5 millio

NORWAY 26 FEB 2016

Norway parliament plans new hearing on Vimpelcom case

Norway is looking to hold fresh hearings on the Vimpelcom corruption case after the operator said it reached a settlement with US and Dutch authorities. The Norwegian parliament planned to hold a hearing last December on the matter and Telenor's role as shareholder in Vimpelcom, but was forced to cancel after public prosecutors said the public hearing could compromise their investigation into the case. Martin Kolberg, head of the parliamentary committee on oversight and constitutional affairs, said the pros

NORWAY 17 NOV 2015

Norway to hold new Vimpelcom parliamentary hearing

The Norwegian parliament is to hold a new hearing on 16 December regarding the Vimpelcom affair, according to newspaper Aftenposten in an article on its website. It said the parlimentary audit and constitutional affairs committee is holding a meeting on 19 November to prepare for the hearing and is expected to summon Vimpelcom's former CEO, Jo Lunder, and the executives that Telenor suspended last week. Aftenposten said the hearing will be chaired by committee leader Martin Kolberg. Telenor bought a minorit

GLOBAL 11 NOV 2015

Telenor suspends CFO, lawyer, Dtac head and Russian head

Telenor said that, as a result of the external review by Deloitte of the group's handling and oversight of its minority ownership in VimpelCom, it has temporarily relieved CFO Richard Olav Aa and General Counsel Pal Wien Espen of their responsibilities. It has taken the same measure with its former nominees to the VimpelCom executive committee, Fridtjof Rusten, who is CFO at Telenor's Thai subsidiary Dtac, and Ole Bjorn Sjulstad, who is head of Telenor Russia.

GLOBAL 9 NOV 2015

Telenor ex-CEO steps down as advisor to board over Vimpelcom

Telenor said its former CEO, Jon Fredrik Baksaas, has reached a mutual agreement with the board of directors to terminate his consultancy agreement with the board. Baksaas has also notified the board that he will refrain from a bonus payment for 2015. The decision is effective from 09 November. He said recent developments in the investigations into the VimpelCom affair make his role as strategic advisor to the Telenor board challenging. Baksaas keeps shares already awarded under Telenor's long-term incentiv

NORWAY 6 NOV 2015

Norway minister backs new parliamentary hearing on Vimpelcom

Norwegian trade minister Monica Maeland said she regards it as a serious matter that Telenor's ex-CEO Jon Fredrik Baksaas has admitted having given incomplete information regarding the Vimpelcom affair to the parliamentary audit and constitutional committee in January 2015. The committee has called for another hearing, which she backs. She told newspaper Aftenbladet that the events of recent weeks prove that the gravity of the matter is increasing, it said on its website.

GLOBAL 5 NOV 2015

Vimpelcom ex-CEO arrested in Norway over possible corruption

Vimpelcom's former CEO, Jo Lunder, had been arrested at Oslo Airport in connection with possible corruption at the Russian company, Norwegian newspaper Dagbladet said on its website. The National Authority for Investigation and Prosecution of Economic and Environmental Crime (Okokrim) said that as investigations are under way, it could not comment presently. It would only say that it was supporting the Dutch and Swiss authorities with gathering information from Telenor, which still owns 33 percent of Vimpel

Just In

16:42

SLT-Mobitel launches 5G network in Sri Lanka

16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.