Vimpelcom has agreed to sell its entire 49% stake in GTel Mobile and give up operational control of the Vietnamese wireless operator, the company announced in a statement. The shareholding will be sold to GTEL Transmit and Infrastructure Service One Member Company Limited, a related party of Vimpelcom’s Vietnamese partner, Global Telecommunications Corporation, which will pay cash consideration of USD45 million upon satisfaction of usual conditions precedent. Upon completion of the sale, Vimpelcom said it will have no further obligations or liabilities to Global Telecommunications Corporation or GTEL Mobile, while the latter is required to discontinue the use of Vimpelcom’s ‘Beeline’ trademark after a transition period of six months
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OVETEL Vimpelcom vacates Vietnam
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