MOSCOW--Altimo, part of Russian billionaire Mikhail Fridman's Alfa Group, last night purchased 305,000,000 shares of common stock in VimpelCom Ltd. (VIP)--approximately 14.8% of voting rights in the telecoms operator--from Weather Investments II for $3.6 billion, boosting its holding to 40.5% of VimpelCom's voting rights.

Altimo has also agreed to withdraw its earlier claims that Weather II and Norway's Telenor (TEL.OS), another major shareholder in Vimpelcom, were in breach of VimpelCom's bylaws.

Write to Olga Razumovskaya at olga.razumovskaya@dowjones.com

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