AMSTERDAM and NEW YORK, Aug. 9 /PRNewswire-FirstCall/ -- "VimpelCom Ltd." ("VimpelCom Ltd." or the "Company") (NYSE: VIP) today announced that it has completed the acquisition of all shares of OJSC "Vimpel-Communications" ("OJSC VimpelCom"), including those represented by American Depositary Shares ("ADSs"), from its remaining minority shareholders by way of a mandatory squeeze-out process.

As previously disclosed, VimpelCom Ltd. commenced the mandatory squeeze-out process on May 25, 2010 to acquire all remaining OJSC VimpelCom shares that it did not already own, including those represented by ADSs, for a cash payment of RUB 11,800 per share (which was equal to approximately US$382.18 per share at the exchange rate as of May 25, 2010). Because each OJSC VimpelCom ADS represented 1/20 of one OJSC VimpelCom share, holders of OJSC VimpelCom ADSs were entitled to receive RUB 590 per ADS (which was equal to approximately US$19.11 per ADS at the exchange rate as of May 25, 2010), less any costs and expenses incurred by The Bank of New York Mellon, in its capacity as the ADS depositary, in processing the payments and converting the rouble amount it received into US dollars. The squeeze-out price was determined as the market value of the OJSC VimpelCom shares as of February 28, 2010 by an independent Russian appraiser in accordance with Russian law. The appraisal was supplemented with a value analysis by ZAO Deloitte and Touche CIS.

Pursuant to the mandatory squeeze-out process under Russian law, VimpelCom Ltd. completed payment for the benefit of OJSC VimpelCom's minority shareholders and ADS holders as of July 14, 2010 the cash amounts to which they were entitled and their shares have been transferred to VimpelCom Ltd. by operation of law on August 6, 2010, making OJSC VimpelCom a wholly owned subsidiary of VimpelCom Ltd.

VimpelCom Ltd. consists of telecommunications operators providing voice and data services through a range of wireless, fixed and broadband technologies. The VimpelCom Ltd. group is headquartered in Amsterdam and has operations in Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Georgia, Armenia, Kyrgyzstan, Vietnam and Cambodia, covering territory with a total population of about 345 million. VimpelCom Ltd. operating companies provide services under the "Beeline" and "Kyivstar" brands. VimpelCom Ltd.'s ADSs are listed on the New York Stock Exchange under the symbol "VIP".

SOURCE VimpelCom Ltd.