Viettel buys faltering EVN Telecom

Viettel, one of the national largest mobile providers, affirmed its merger with the struggling EVN Telecom.

According to a resolution, EVN Telecom's capital sources, assets, telecom infrastructure facilities and information technology will all be handed over to Viettel.

The mobile giant has established a steering committee, chaired by General Director Hoang Anh Xuan, to monitor all aspects of the transition period.

Following Governmental approval, the handover will be completed in November.

Viettel recently denied a Ha Noi Telecom proposal based on buying back EVN Telecom shares in relation to its 3G broad band network and remaining debt.

EVN had initially planned to sell its telecom arm earlier this year due to bad debt. At the time, the FPT software company requested the acquisition of EVN Telecom with a deposit of VND780 billion (US$37.1 million). However, the purchase fell through because of regulation changes.

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