Russian mobile operator MTS has submitted an indicative bid for KT Corp’s 80% stake in New Telephone Company (NTC), Reuters reports quoting CEO Mikhail Shamolin.
The CEO was quoted saying that his company was carrying out due diligence, which is expected…
Russian mobile operator MTS has submitted an indicative bid for KT Corp’s 80% stake in New Telephone Company (NTC), Reuters reports quoting CEO Mikhail Shamolin.
The CEO was quoted saying that his company was carrying out due diligence, which is expected to complete in two or three weeks. He also reportedly said there were around four bids in total.
South Korea’s KT Corp reportedly appointed Credit Suisse to sell its Russian unit last November. The operator could be worth US$500m.
Last year, TelecomFinance reported that VimpelCom could be a potential buyer as the acquisition would enable it to enter the Primorsky region.
MTS was not immediately available for comments.
