Reuters: Deals: Algeria to pay $6.5 billion for Vimpelcom's Djezzy: source

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Algeria to pay $6.5 billion for Vimpelcom's Djezzy: source Mar 28th 2012, 12:16 ALGIERS | Wed Mar 28, 2012 8:16am EDT ALGIERS (Reuters) - Algeria will pay $6.5 billion to acquire a controlling stake in Vimpelcom's (VIP.N) Algerian mobile phone unit, a top finance ministry source said on Wednesday, potentially ending a dispute that has dragged for over a year. "The deal is that Algeria will pay $6.5 billion to acquire 51 percent of Djezzy," a senior source familiar with the telecommunications file at the finance ministry told Reuters. Russia-focused Vimpelcom acquired Djezzy last year as part of a $6 billion deal to buy the assets of Egyptian firm Orascom Telecom (ORTE.CA), but the transaction immediately became clouded in uncertainty after the Algerian government said it wanted a majority stake in the unit. Djezzy was the most lucrative part of Orascom's business.

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