Telenor has increased its stake in the Russian telco VimpelCom.
At the same time, it has withdrawn all its claims against Altimo Holdings & Investments, Altimo Cooperatief and VimpelCom in a pending arbitration proceeding and will work to expand the telco’s board to 11 members.
Telenor paid $374,400,000 (€285,212,000) for 234,000,000 shares previously held by Weather Investments, thereby increasing its voting share in VimpelCom from 25.01% to 36.36%.
Altimo has the second highest voting share (25.00%), while Weather now has 18.28%.
