Russian bank VTB has disclosed that it sold its 50% stake in Tele2 Russia for Rbs40.4bn (US$1.2bn), substantially less than was thought at the time.
The bank revealed the information in its financial results for the first nine months of 2013.
VTB…
Russian bank VTB has disclosed that it sold its 50% stake in Tele2 Russia for Rbs40.4bn (US$1.2bn), substantially less than was thought at the time.
The bank revealed the information in its financial results for the first nine months of 2013.
VTB acquired Tele2 Russia from its Swedish parent for US$3.55bn in March. In October, the bank sold the 50% stake to a group of local investors, including affiliates of Bank Rossiya, partly-owned and chaired by financier Yuri Kovalchuk, and entities controlled by steel magnate Alexei Mordashov. VTB did not reveal the deal value at the time, saying only that it was in line with expectations. Analysts had estimated the value at about US$2bn, including assumed debt.
Tele2 Russia and state-controlled Rostelecom are currently working on a joint venture to combine their mobile assets.
