MOSCOW, Oct 17 (Reuters) – Russian bank VTB has agreed to sell 50 percent of Tele2 Russia, turning a quick profit and gaining investors with the expertise that could help it to challenge the dominance of Russia’s big three mobile phone operators.
* VTB flips Tele2 Russia after six months
* Selling 50 pct stake to investors including Bank Rossiya
* Buyers have background in media investment
VTB bought Russia’s fourth-largest mobile operator from Sweden’s Tele2 in April for $3.55 billion.
“It has been a profitable investment for us and we will stay as equal partners,” Yuri Soloviev, first deputy president of VTB’s management board, told Reuters.
Soloviev declined to name the sale price, which has been put at $2 billion, including assumed debt, based on the price at which VTB has valued the stake on its books.
VTB is selling half to a group of investors including affiliates of Bank Rossiya and entities of Alexei Mordashov, a billionaire tycoon who controls steelmaker Severstal.
“Through the sale of 50 percent we get very experienced people in the TMT (technology, media and telecoms) sector, (who) have invested in a number of assets such as TV channels, content producers, cable companies,” Soloviev said.
Russia’s VTB turns quick profit with Tele2 Russia deal
