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VimpelCom and its Egypt-based subsidiary Global Telecom Holding (GTH) completed the sale of a 51 per cent stake held by GTH in Omnium Telecom Algeria SpA (OTA), also known as Djezzy, to the Algerian National Investment Fund (FNI) for $2.6 billion ([Euro]2.3 billion).
The move brings to an end a dispute over Algeria's moves to privatise Djezzy--which was formerly known as Orascom Telecom Algeria (OTA)--and is the conclusion of a deal reached between VimpelCom and Algeria last April. That agreement also concluded a four-year ownership and tax battle between VimpelCom...