Two representatives of St Petersburg-based Bank Rossiya have reportedly filed an application with Russia’s antitrust regulator for clearance to acquire 50% of Tele2 Russia.
Offshore companies Invinite and ABR Investments made the application to…
Two representatives of St Petersburg-based Bank Rossiya have reportedly filed an application with Russia’s antitrust regulator for clearance to acquire 50% of Tele2 Russia.
Offshore companies Invinite and ABR Investments made the application to the Federal Antimonopoly Service (FAS) on the bank’s behalf, Interfax reported citing the regulator.
Earlier this week, the VTB banking group, which acquired Tele2 Russia from its Swedish parent company a few months back for US$3.55bn, said it planned to sell a stake in the mobile operator to a group of three or four private investors. VTB also announced plans to take the company public within the next three years, noting it would retain a minority stake of at least 20% until then.
A VTB spokesperson declined to name the private investors but said they would not be linked to Russia’s three big mobile operators: MTS, MegaFon and VimpelCom.
In late June, local newspaper Vedomosti cited unnamed sources as saying Bank Rossiya had agreed in principle to buy a stake in Tele2 Russia. According to the report, the bank would acquire the shares as an intermediary and later sell them on. Rostelecom was named as a potential buyer.
The report said at the time the deal had not yet been finalised because of a clause in VTB’s contract with Tele2 which entitles the Swedish telco to half the proceeds if Tele2 Russia is sold on within a year.
There has been much speculation that state-controlled Rostelecom, which recently completed its merger with state holding Svyazinvest, will acquire Tele2 Russia.
A local report last month cited unnamed sources as saying Rostelecom had hired JP Morgan, Credit Suisse and PwC to advise it on a possible deal with Tele2 Russia.
A Rostelecom-Tele2 tie up would create the fourth-largest player in the Russian mobile market and the leader in the overall telecoms sector.
FAS was not immediately available for comment.
