Wednesday, October 29, 2008

Vimpel buys stake in Russian handset retailer - Euroset Group

The Russian telecommunications provider Vimpel announced that it has acquired a large (49.9 percent) stake of a mobile handset retailer (Euroset Group) in an effort to increase its competitiveness despite the economic downturn. The price for this stake is roughly, $226 million.

According to Forbes, Alexander Izosimov, chief executive of Vimpel, said the importance of retail networks rises during "challenging market conditions." "Hence, it is in our best interest to forge solid relationships with the retail operators at this point in time," he said. "We believe that acquiring a stake in a leading retailer, like Euroset, will allow us to strengthen our competitive position and to stabilize the market."

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