South Korea’s KT Corp said it was negotiating the sale of its 79.9% stake in Russian regional operator New Telephone Company (NTC), according to media reports.
KT Corp CEO Lee Suk-chae was quoted saying in Reuters that his company was in talks to sell…
South Korea’s KT Corp said it was negotiating the sale of its 79.9% stake in Russian regional operator New Telephone Company (NTC), according to media reports.
KT Corp CEO Lee Suk-chae was quoted saying in Reuters that his company was in talks to sell the business but he declined to comment on the potential buyer or the size of the transaction.
Earlier this month, Russian operators VimpelCom and MegaFon received the approval of the competition authority FAS to buy NTC. MTS would also be a potential candidate.
KT Corp reportedly appointed Credit Suisse for the transaction last year. The transaction could be worth US$500m.
NTC is a regional operator based in the Primosk region, in the East of the country. It reportedly has 40% mobile market share in the region. KT Corp bought its stake in NTC in 1997.
The operator was not immediately available for comments.