Svyazinvest board approves restructuring plan

21 Oct 2009

Russian telecoms group Svyazinvest has announced that its board of directors has approved plans to combine its seven regional fixed line operators with long-distance operator Rostelecom into a single company which will provide fixed line telephony, broadband and mobile services across the whole country. Svyazinvest said in a statement that the board had approved the reform, and that a share appraisal, debt restructuring and other procedures related to the reorganisation will be carried out during 2010. The company expects legal and regulatory preparations to be completed by May 2011. As reported by CommsUpdate on 9 October, the company confirmed speculation of a merger with a statement by general director Yevgeny Yurchenko, who added that the company still needs to work on strengthening its mobile coverage and assets, but will first focus on achieving a leading position in the fixed and broadband markets and strengthening its position in the corporate segment.

Russia, Sibirtelecom, Svyazinvest, Uralsvyazinform, VolgaTelecom