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Telenor to Sell $2.4 Billion Stake in Carrier VimpelCom

  • Sale to end company's 16-year investment in wireless provider
  • Norwegian carrier to have 7.5 billion-krone expense for sale
Bloomberg business news

Telenor to Divest Its 33% Stake in VimpelCom

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Telenor ASA will sell its 20 billion-krone ($2.4 billion) stake in VimpelCom Ltd., exiting the third-biggest Russian wireless carrier after 16 years to focus on markets such as the Nordic region.

The company said Monday it will explore all options for the 33 percent stake in the mobile-phone company co-owned by Russian billionaire Mikhail Fridman. Telenor, the Nordic region’s largest phone company, expects a non-cash impairment of about 7.5 billion kroner in the third quarter.