Algeria, Vimpelcom Achieve Valuation of Djezzy, Djoudi

The valuation of Orascom Telecom Algerie (OTA) has been achieved, Minister of Finance, Karim Djoudi said Wednesday.

At the sidelines of the plenary session of the Council of the Nation (Senate), Mr Djoudi told the local APS news agency that the valuation of OTA, assigned to Shearman and Sterling LLP-France, has been achieved. The official has not, however, provided details on the amount of the valuation, as it is set in confidential agreement between the North African nation and the major shareholder in OTA (Djezzy), namely the Russian Vimpelcom group. “We have received the valuation; the foreign partner has conducted its own valuation too, and for now we are holding talks,” to conclude the buyout operation of Djezzy, the minister added. The data room of the OTA mobile phone unit has been explored later December ahead of sealing a confidential agreement with Vimpelcom. In March 2011, Vimpelcom purchased the Italian Wind Telecom group which holds 51 percent stake in Orascom Telecom Holding (OTH), the major shareholder in OTA. Vimpelcom has accepted to divest the major stake in Djezzy, in accordance to an “acceptable” price.