VimpelCom sells assets in Africa to Econet Wireless Global

VimpelCom is to sell its interests in operations in Burundi and Central Africa Republic (CAR) for a combined US$65 million.

Its subsidiary Global Telecom Holding is to sell Telecel Globe Limited, which owns all of Burundi operator U-COM and Telecel in CAR.

It is being acquired by Econet Wireless Global.

Andrew Davies, VimpelCom’s CFO, said the move is a result of the group’s “Value Agenda” strategy, as part of which it has been reviewing its operations to assess their future value to the company.

Global Telecom Holding, which is 51.9 per cent owned by VimpelCom, had previously agreed to sell Telecel Globe in the first quarter of 2013, but the deal was not closed with the prospective purchaser forfeiting a deposit.