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Monday, September 15, 2014

Vimpelcom to sell Wind Mobile stake to Canadian minority owner - sources, (NASDAQ: VIP)

Vimpelcom Ltd has agreed to sell its majority stake in Canadian wireless carrier Wind Mobile to its current minority owner Globalive for around C$300 million ($272 million), two sources with knowledge of the matter said on Monday.One of the sources said the transaction would be partly funded by an investor group led by Canadian hedge fund West Face Capital Inc and include California-based private equity firm Tennenbaum Capital Partners.The deal, expected to be announced on Tuesday, is at a steep discount to the price the young carrier paid for airwaves in 2008, suggesting that rival bidders were difficult to come by.Globalive, a domestic telecom provider led by entrepreneur Anthony Lacavera, was the face of the business and paid more than C$442 million in 2008 for the airwaves that allowed Wind to launch in Ontario, Alberta and British Columbia.

VimpelCom Ltd. (VimpelCom) is a holding company. The Company operates in Mobile Telecommunications Businessand Fixed-Line Telecommunications and Fixed Internet Business. Shares of VIP fell by 2.78% or $-0.24/share to $8.38. In the past year, the shares have traded as low as $7.53 and as high as $14.74. On average, 2100830 shares of VIP exchange hands on a given day and today's volume is recorded at 1888812.