Algeria appoints Shearman to advise on Orascom unit
Algeria has
provisionally appointed law firm Shearman & Sterling LLP to advise
it on the nationalisation of Orascom Telecom’s local mobile phone unit,
the finance ministry said.
The firm is
scheduled to complete a valuation of the Djezzy unit (subject of a
long-running dispute between the Algerian government and Orascom
Telecom) within 100 days, the ministry said in a notice in the
government-run Horizons newspaper.
Djezzy has been
Orascom Telecom’s biggest single source of revenue and uncertainty over
its future has confused a planned $6.6 billion deal for Russia’s
Vimpelcom to acquire Orascom Telecom assets.
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