Vimpelcom sells 2 African operators for EUR 75 mln

Mergers, Acquisitions and Financial Results

Luxembourg-based Niel Telecom has agreed to buy Russian telecom group Vimpelcom's Burundi mobile subsidiary Leo and Telecel Central Africa for EUR 75 million, subject to closing conditions, people familiar with the matter told TMT Finance.

Niel is a sister company of African oil and gas investor Niel Petroleum. Vimpelcom, which is being advised by Standard Chartered on the sale, is also thought to be seeking for a buyer for Telecel Zimbabwe but local consortium Empowerment Corporation (E Corp) must raise its stake to 60 percent first.

Dubai's LapGreen is thought to have been considering a bid. Niel is reportedly eyeing other opportunities in Africa and South America.