Golden consolidates regional assets

20 Sep 2007

Golden Telecom has acquired outstanding stakes in nine telecoms joint ventures previously co-owned with regional subsidiaries of Svyazinvest, for a total cash consideration of USD2.5 million. The joint-ventures are: TeleRoss-Kubanelectrosvyaz, TeleRoss-Volgograd, Teleross-Ekaterinburg, TeleRoss-Tumen, TeleRoss-Samara, TeleRoss-Voronezh, TeleRoss-Novosibirsk, TeleRoss-Vladivostok and Comincom Chernozemie. The regional telcos provide long-distance telephony and other services to a corporate client base. Golden Telecom and the regional operators of Svyazinvest each controlled 50% in the companies, with the exceptions of TeleRoss-Samara and Comincom Chernosemie, in which a Svyazinvest unit controlled 10% and below 1% respectively.

Russia, Svyazinvest