amwalalghad :: Weather Investments II Exits VimpelCom, Settles Its Debt

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Weather Investments II Exits VimpelCom, Settles Its Debt


Published Thursday, 16 August 2012 14:16 | Written by Amwal Al Ghad

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Weather Investments II (“Weather”), an investment firm led by entrepreneur Naguib Sawiris, announced Thursday that it has sold 305,000,000 shares of common stock in VimpelCom Ltd. (“VimpelCom”), representing approximately 14.8% of voting rights in the company, to Altimo.

Proceeds were mainly used to settle Weather’s entire debt totaling US$ 2 Billion all owed to private equity firms and banks.

Accelero Capital acted as Weather’s main advisor and Clearly Gottlieb Steen & Hamilton LLP  as Weather’s lead legal counsel on this transaction.

Source: Press Release

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