US firms Akin Gump Strauss Hauer & Feld and Cleary Gottlieb Steen & Hamilton have taken the lead roles on a $21.5bn (£13.5bn) tie-up which will create one of the world’s biggest telecom companies.

Russian telecoms operator VimpelCom is set to acquire Weather Investments in the first quarter of 2011, handing the company a presence in 20 countries across the world.