Armenia's public services regulation authorities approved the sale on November 14. Through the deal VimpelCom, best known for its Beeline brand, will also take on Armentel's debt totaling around 40 million euros ($51 million).
OTE and VimpelCom had signed agreement on the deal in early November.
Armenian Communications Minister Andranik Manukyan earlier said the government will sell VimpelCom the remaining 10% stake, on the condition that the company does not attempt to monopolize the South Caucasus country's telecoms market.
Andrei Bliznyuk, VimpelCom's candidate for the post of Armentel director, said the Russian company plans to invest around $100 million in the Armenian telecoms sector in 2007.
Greece's OTE bought Armentel in 1997 for $142.5 million, and has since invested $300 million in the company, whose earnings in 2005 stood at 110 million euros ($140 million).
Armentel has about 600,000 fixed-line and 400,000 mobile service subscribers, and uses the GSM 900 and CDMA standards.
As well as Russia, VimpelCom operates in the former Soviet republics of Kazakhstan, Georgia, Tajikistan, Ukraine, and Uzbekistan.
