VimpelCom, best known for its Beeline brand, finalized a deal with Hellenic Telecommunications Organization SA (OTE) in mid-November to buy from the Greek telecoms group its 90% stake in the company for 341.9 million euros ($440 million).
Through the deal, VimpelCom will also take on Armentel's debt, which totals around 40 million euros ($51 million).
The Armenian government earlier proposed selling to VimpelCom the remaining 10% stake, on condition that the company does not attempt to monopolize the South Caucasus country's telecoms market.
"Certainly, VimpelCom is interested in a 100% stake in Armentel," said Vladimir Ryabokon, a vice president and corporate development chief. "The issue is being discussed, and a final decision has yet to be made."
Andrei Bliznyuk, VimpelCom's candidate for the post of Armentel director, earlier 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.
