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VimpelCom to buy rest of Corbina for $404 million

By Associated Press
June 3, 2008 | Comments (0)

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Russian mobile phone operator OAO Vimpel Communications said Tuesday it agreed to buy the remaining 49 percent of telecommunications company Corbina Telecom from Inure Enterprises Ltd. for about $404 million.

Vimpel Communications said its wholly-owned indirect subsidiary, OOO EDN Sovintel, already owns 51 percent of Corbina Telecom.

"The purchase of the minority stake in Corbina Telecom is a logical step in the execution of our strategy to build an integrated Russian telecoms operator," said Alexander Izosimov, chief executive VimpelCom, in a statement.

American Depositary Shares of VimpelCom fell 81 cents, or 2.3 percent, to $34.26 in midday trading.

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