Russian state-controlled bank VTB expects to sell a stake in mobile operator Tele2 Russia to a private co-investor within the next few months, according to management board first deputy president Yuri Soloviev.
Soloviev told reporters at the St…
Russian state-controlled bank VTB expects to sell a stake in mobile operator Tele2 Russia to a private co-investor within the next few months, according to management board first deputy president Yuri Soloviev.
Soloviev told reporters at the St Petersburg Investment Forum today that the bank is in advanced talks with a number of private investors. Noting that VTB will retain control of Tele2 Russia, which it acquired from its Swedish parent in April for US$3.55bn, Soloviev said he believes a “certain” stake will be sold within the next three to four months.
VTB is not in talks to sell a stake to Rostelecom, he said, noting that it is looking for co-investors to help develop the asset.
In April, VTB CFO Herbert Moos told reporters the bank intended to sell a controlling stake in Tele2 Russia within a year and was discussing the subject with both local and foreign investors.
Speculation about an eventual merger between Tele2 Russia and state-controlled Rostelecom has continued for some time. A Rostelecom spokesperson confirmed reports this week that the two companies are discussing an MVNO agreement, noting that Rostelecom is “exploring different opportunities to cooperate with Tele2 Russia”.
The tie-up rumours were also fuelled by former Rostelecom head Alexander Provotrov’s recent appointment as CEO of Tele2 Russia.
