Marshall Capital to be largest minority shareholder in enlarged Rostelecom

15 Sep 2010

Asset management firm Marshall Capital Partners has agreed a USD700 million deal to acquire a fund from Gazprombank that will give it a 7% stake in the new Rostelecom when the Russian telco completes its restructuring, according to Tradingmarkets.com. The fund owns stakes in several regional subsidiaries of Russian telecoms group Svyazinvest, which is undergoing a restructuring through which it is bringing regional operating units together under the umbrella of national long-distance network operator Rostelecom, its largest division by revenues. According to the RBC Daily newspaper, Marshall will be the largest minority shareholder of the new Rostelecom, and is aiming to have representation on its board of directors. The Russian state is aiming to retain a shareholding of around 50% in the remodelled operator.

Elsewhere, it was reported that a member of the Svyazinvest group, VolgaTelecom, posted a 53% year-on-year increase in net profit under IFRS in H1 2010.

Russia, Rostelecom, Svyazinvest, VolgaTelecom