YEREVAN, Armenia (UPI) — Russia`s VimpelCom and Hellenic Telecommunications Organization are buying a majority stake in Armenia`s CJSC Armenia Telephone Co.
The $486 million purchase price includes debt assumption, VimpelCom said Friday in a news release.
CJSC Armenia Telephone is a fixed-line and mobile operator in Armenia with licenses in the GSM-900 and CDMA standards. Armentel`s subscriber base includes approximately 600,000 fixed-line subscribers and 400,000 GSM subscribers.
VimpelCom owns cell phone companies in Russia and Kazakhstan and recently acquired cellular operators in Ukraine, Tajikistan, Uzbekistan and Georgia.
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