Founded in Paris in 1920, Gide is a leading international law firm with 12 offices spread throughout the world.
Gide is physically present in six regions of the world, with 11 offices, enabling it to act on cases globally.
23 April 2014
Deals | Algeria & France - M&A | Gide advises VimpelCom on the transfer of 51% of Orascom Telecom Algérie (Djezzy) to the Algerian National Investment Fund and on the acquisition of Cevital’s minority shareholding
On 18 April 2014 in Paris, Global Telecom Holding (GTH), VimpelCom Ltd’s listed Egyptian subsidiary, signed a USD 2.643 billion contract with Fonds National d'Investissement (FNI), the Algerian National Investment Fund, for the transfer of a 51% share in Orascom Telecom Algérie (OTA), the leading Algerian mobile telephony operator.
The contract also involves the payment of USD 1.862 billion of dividends, which must take place immediately before the deal’s Closing (expected by the end of 2014).
This share transfer contract will suspend the arbitration proceedings brought by GTH against the Algerian State on 12 April 2012.
Gide’s Algiers office, with a team led by partner Samy Laghouati, advised VimpelCom and GTH on all the Algerian law aspects of this operation, in particular as regards OTA’s contribution of its activity to Optimum Telecom Algérie, a wholly owned subsidiary specially set up for this purpose.
In terms of value, this operation, including the OTA contribution, is the largest M&A deal conducted to date on an Algerian company.
Alongside this transfer, GTH signed a framework agreement with minority shareholder Cevital, the leading Algerian private group that bought up Fagor Brandt earlier this month. This agreement will notably see Cevital exchange its minority shareholding in OTA against 100% of an SPV holding VimpelCom bonds worth USD 234 million.
Gide’s Paris office advised VimpelCom and GTH on all aspects of French law, with a team led by partner Jean-Gabriel Flandrois.
Akin Gump, incumbent legal counsel to VimpelCom and GTH, also acted in this operation.
