Russians leave "Kiyevstar"

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Russian "The alpha - groups" can receive 5% of actions of the Norwegian Telenor and control over "Vympelcom", and Telenor - 100% of Ukrainian "Kiyevstar".

Such option of an exchange of assets contains in the agreement on the confidentiality, Altimo signed by the general director Alexey Reznikovich and executive vice-the president of Telenor Jan Edward Tigesen to which the Reuters agency referred yesterday.

From the document follows that the preliminary structure of the transaction was discussed by representatives of Telenor and Altimo in the middle of August, 2008 in London. It is as follows: Telenor gives to Altimo about 12% of voting shares of "Vympelcom", in exchange receiving from Altimo 43,5% of actions of the largest Ukrainian GSM-of the operator "Kiyevstar". As a result of Altimo receives control over "Vympelcom" (about 56% of voting shares), and Telenor - 100% of "Kiyevstar". Such option was really discussed by heads of Altimo (the alpha - groups" operates telecoms ") and Telenor, told "Sheets" the source close to one of shareholders of "Vympelcom". It is known of it also to the manager of one of mobile network operators.

Besides, in the agreement it is said that the preliminary structure of the transaction provides transition to "Alpha" of 5% of Telenor; it is supposed that this package will transfer to Russians the Norwegian government. However at the government wasn't and there are no plans to reduce a share in Telenor, the official of the Norwegian Ministry of Trade and the industry (Telenor is under its authority) speaks.

Altimo and Telenor discuss some years divorce options. They were quarreled by the Ukrainian expansion of "Vympelcom": Altimo approved purchase by the operator of "The Ukrainian radio systems" for $231,3 million, and Telenor was against. Then the conflict was thrown on "Kiyevstar". Representatives of Altimo ceased to visit its meetings of shareholders; as a result the operator since 2005 has neither board of directors, nor the approved reporting, and Telenor some months couldn't consolidate Ukrainian "daughter" in the reporting. During the conflict tens claims were given. In August, 2008 Tigesen admitted interview to the Norwegian newspaper Aftenposten: Telenor "it is concerned by the long conflict with " an alpha-groups " in Russia and in Ukraine" also is ready to take a "flexible" position on sale of part of actions of "Vympelcom" at control preservation in "Kiyevstar".

At the beginning of 2008 "Kiyevstar" cost $6-8 billion, the analyst of "Troika Dialog" Evgeny Golosnoy considers. "Vympelcom" capitalization then made about $30 billion. In the middle of August, 2008 of 12% of "Vympelcom" on NYSE cost $3,34 billion, and 43,5% of "Kiyevstar" "Uralsib" estimated approximately at $5 billion. But since then the cost of all assets failed therefore it would be logical to make an impecunious exchange of actions, it considers. The transaction would be favorable to both parties, is sure-part. "Alpha" would receive control in "Vympelcom" and a liquid asset in the form of 5% of Telenor, and Norwegians would get rid of two problems at once and would receive a strong asset in Ukraine.

Reference:

JSC Vympelcom

Operator cellular and fixed telephony

56,6 million cellular subscribers in Russia and the CIS.

Shareholders - Altimo (44%), Telenor (29,9%), 24,5% in free circulation.

Revenue - $7,17 billion (2007).

Net profit - $1,46 billion

Capitalization for October 6 - $12,95 billion

JSC KIYEVSTAR

mobile operator

23,5 million subscribers.

Shareholders - Telenor (56,5%) and Altimo (43,5%).

Revenue (2007, Telenor data) - $2,01 billion

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