VimpelCom acquires Corbina Telecom stake for $404 million

MOSCOW, June 3 (RIA Novosti) - VimpelCom, Russia's second largest mobile phone company operating under the Beeline brand, said Tuesday it had signed an agreement to buy the remaining 49% in Russian Internet provider Corbina for $404 million.

VimpelCom's wholly-owned indirect subsidiary OOO EDN Sovintel purchased a 51% stake in Corbina Telecom in May 2007.

"The purchase of the minority stake in Corbina Telecom is a logical step in the execution of our strategy to build an integrated Russian telecoms operator", Alexander Izosimov, Chief Executive Officer of VimpelCom was quoted as saying on the company's website.

Founded in 1995, Corbina Telecom is a leading broadband Internet service provider operating in 25 regions in Russia including Moscow.