Tashkent, Uzbekistan (UzDaily.com) -- Open Joint Stock Company Vimpel-Communications (VimpelCom), the leading provider of telecommunications services in Russia and the Commonwealth of Independent States (CIS), has signed an agreement for the acquisition of a 78% stake in Millicom Lao Co., Ltd., a mobile telecom operator with operations in the Lao PDR, from Millicom Holding B.V. (Netherlands) and Cameroon Holdings B.V. (Netherlands). The remaining 22% of Millicom Lao Co., Ltd. is owned by the Government of the Lao PDR, as represented by the Ministry of Finance.

The purchase price for the acquisition will be approximately US$66 million and is determined based on an enterprise value of Millicom Lao Co., Ltd. of US$102 million.

Boris Nemsic, CEO of VimpelCom, said, “VimpelCom’s entry into Laos is the next logical step in our international expansion strategy. Laos provides a great complement to our existing operations in Vietnam and Cambodia and fits perfectly into our strategy of building a solid Southeast Asian cluster. The growth potential in Laos is attractive, with a population of 6.5 million people and low mobile penetration estimated at around 23%.”

Completion of the acquisition is subject to the satisfaction or waiver of certain conditions, including the receipt of regulatory approvals. Subject to the satisfaction or waiver of such conditions, completion of the acquisition is expected to take place before the end of 2009.

The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of mobile, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as well as Vietnam and Cambodia, in territories with a total population of about 340 million. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange (NYSE). VimpelCom’s ADSs are listed on the NYSE under the symbol VIP.