OREANDA-NEWS. Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), announced the closing of the transaction to acquire 10% of the shares of ZAO ArmenTel from the Government of Armenia.

The price of these shares is approximately Euro 38.6 million, which constitutes 1/9 of the final price paid by VimpelCom for 90% of the shares of ZAO ArmenTel acquired in November 2006. 

In addition, VimpelCom will pay an amount representing 10% of the retained net profit of ZAO ArmenTel for the period following the closing of the acquisition of 90% of the ArmenTel shares and up to the closing of the acquisition of 10% of the ArmenTel shares from the Government of Armenia.

ArmenTel is a fixed-line and mobile operator in Armenia with licenses in the GSM-900 and CDMA standards.  ArmenTel’s subscriber base includes approximately 608,500 fixed-line subscribers and 452,000 mobile subscribers.