Sumitomo ramping up Russian assets

15 Jun 2005

Japanese investment group Sumitomo Corporation has agreed a deal to acquire an undisclosed stake in Russian mobile content provider SPN Digital. The investment is indicative of Sumitomo’s desire to ramp up its businesses in the rapidly developing Russian telecoms market. Earlier this week the group announced that another of its companies, Dutch firm Enforta, was looking to roll out WiMax networks in ten Russian cities by the end of year. Sumitomo took a 50% stake in Enforta last month.