Russia’s Rostelecom has secured an Rbs2.4bn (US$75.8m) credit line with Globex Bank amid reports it intends to acquire an independently-owned telco for a similar amount.
Rostelecom intends to open the new credit line with the bank, a subsidiary of…
Russia’s Rostelecom has secured an Rbs2.4bn (US$75.8m) credit line with Globex Bank amid reports it intends to acquire an independently-owned telco for a similar amount.
Rostelecom intends to open the new credit line with the bank, a subsidiary of state-owned Vnesheconombank, for one year at an interest rate equal to the Mosprime basic rate plus 0.5% per annum, a company spokesperson confirmed. The state-owned telco, currently undergoing a merger with state holding company Svyazinvest, has the option to extend the credit line for an extra year.
Meanwhile, Russian newspaper Vedomosti reported Rostelecom, has signed a letter of intent to acquire Norilsk Telekom. According to the report, which cited unnamed sources, the deal could be worth more than Rbs2bn (US$63.2m).
Currently in the second phase of a major reorganisation, Rostelecom has made a spate of recent acquisitions and completed its takeover of mobile operator Sky Link in late July.
Company CEO Alexander Provotorov has been clear about the company’s ambitious expansion plans, saying in a recent interview that it continues to monitor the market for acquisitions.
