Russia’s antitrust regulator has approved state-controlled lender VTB Group’s plan to acquire Tele2 Russia in a US$3.55bn deal.
Igor Artemyev, head of the Federal Antimonopoly Service (FAS), announced today that the authority has decided in favour…
Russia’s antitrust regulator has approved state-controlled lender VTB Group’s plan to acquire Tele2 Russia in a US$3.55bn deal.
Igor Artemyev, head of the Federal Antimonopoly Service (FAS), announced today that the authority has decided in favour of the takeover, a spokesperson confirmed.
Stockholm-based Tele2 unveiled plans to sell the Russian business to Moscow-based VTB last week, prompting counter-offers from A1, an investment arm of Mikhail Fridman’s Alfa Group, for up to US$4bn in cash, and operators MTS and VimpelCom in partnership for up to US$4.25bn, including debt.
VTB’s Dutch subsidiary filed the proposed transaction with the FAS on Monday.
Tele2 issued a statement yesterday reaffirming its commitment to its “definitive” and “legally-binding” agreement with VTB, noting that it expects to complete the deal shortly.
A1, MTS and VimpelCom (in which Alfa Group is the largest shareholder via telecom investment arm Altimo) have all said they intend to proceed with offers they believe represent better value for Tele2 shareholders. A1 managing director Dmitry Vozianov was quoted by Reuters as saying the firm’s lawyers are considering filing a legal claim in connection with the matter.
