Russian Technologies to cash in on Yota, MegaFon stakes

24 Dec 2012

State-owned industrial conglomerate Russian Technologies has revealed that it plans to dispose of its indirect stakes in Russian mobile giant MegaFon and WiMAX-turned-Long Term Evolution (LTE) provider Scartel (Yota). Sergei Chemezov, the head of Russian Technologies, told Reuters that the telecoms assets constituted ‘non-core business’, suggesting that the stake would be sold ‘over time’. Russian Technologies owns a 4.5% stake in Garsdale, which in turn holds 50% of MegaFon and 100% of Scartel. Uzbek billionaire Alisher Usmanov owns 82% of Garsdale.

TeleGeography’s GlobalComms Database notes that, following its inception, Scartel was 74.9% owned by Telconet Capital Limited Partnership, and 25.1% owned by Russian Technologies. In July 2012 MegaFon and Scartel completed a previously announced merger, prompting a significantly revised shareholder structure.

Russia, MegaFon, Scartel (Yota)