Galmond to sell up in Russia

9 Jul 2008

Danish businessman Jeffrey Galmond has told Russian newspaper Vedemosti that he is looking to sell his interests in a number of Russian telecoms companies. Galmond holds a 50% stake in cellular operator SkyLink and long-distance provider Multiregional TransitTelecom (MTT); both these firms are joint ventures with Russian conglomerate AFK Sistema and it is thought that Sistema is looking to acquire Galmond’s shares to take full control of the two telcos. Earlier this year Galmond sold off his sizeable stake in Russia’s third largest cellco, MegaFon, with the shares bought by local investor Alisher Usmanov.

Russia, Multiregional Transit Telecom (MTT), SkyLink