'Vimpelcom to complete Golden Telecom merger' - Zibb.com

Oct 23, 2009 (DMEUROPE via COMTEX) --

Russian operators Vimpelcom and Golden Telecom will become legally one company, Vedomosti reports. The aim is to reduce the combined administrative and financial costs of both companies. Vimpelcom is preparing a legal merger with Sovintel, the principal member of the group Golden Telecom. Sovintel was acquired in February 2008 for USD 4.3 billion. Completion of the merger is expected in one or two years. In the first stage Sovintel will consolidate its 100 percent subsidiaries. The company owns a number of regional assets, as well as one of the largest Russian internet providers Corbina Telecom. The merger is expected to bring cost savings for administration, simplification of customer relations, as well as elimination of fees for interoperator services and tax deductions for interoperator income.

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Tags: internet   legal   merger   russia   tax   telecom  

Companies: Golden Telecom, Inc. (GLDN)

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