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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
