The Russian competition regulator has approved state-owned bank Vnesheconombank’s (VEB) acquisition of a 99.9% stake in local WiMax operator FreshTel.
VEB will acquire the stake from Cyprus-based Comenetti Investements, the Federal Antimonopoly…
The Russian competition regulator has approved state-owned bank Vnesheconombank’s (VEB) acquisition of a 99.9% stake in local WiMax operator FreshTel.
VEB will acquire the stake from Cyprus-based Comenetti Investements, the Federal Antimonopoly Service (FAS) said in a short statement.
According to local reports, VEB is unlikely to keep the asset for long, with state-controlled Rostelecom named as an eventual buyer.
In May, local reports stated that Rostelecom was in talks to acquire FreshTel, indirectly controlled by Russian tycoon Suleiman Kerimov and Ukrainian businessman Victor Pinchuk.
FreshTel was valued at about US$200m last year when TransTelecom (TTK) looked at buying it.
Rostelecom is working to complete its mobile joint venture with Tele2 Russia by the end of the year, which it hopes will enable them to better compete with the nation’s three largest mobile operators: MTS, MegaFon and VimpelCom.
