VimpelCom has agreed to buy 100% of regional mobile operator New Telephone Company (NTC) from South Korea’s KT Corporation and Summit Telecom Global Management, a subsidiary of Sumitomo Corporation, for US$420m.
The Russian operator said it expected to…
VimpelCom has agreed to buy 100% of regional mobile operator New Telephone Company (NTC) from South Korea’s KT Corporation and Summit Telecom Global Management, a subsidiary of Sumitomo Corporation, for US$420m.
The Russian operator said it expected to acquire 90% of NTC shares within four weeks and then launch a mandatory tender offer under Russian law to acquire the rest. The tender offer is expected to take place in Q3.
KT Corp reportedly appointed Credit Suisse for the transaction last year.
NTC offers wireless, fixed and broadband services in the Primorskiy region. It recorded Rbs3.4bn revenues for 2010 and at the end of last year it had a subscriber base of 950,000.
