‘Intermediary’ Bank Rossiya lines up deal for 30% of Tele2

24 Jun 2013

St Petersburg-based Bank Rossiya may buy a 30% stake in Tele2 Russia from fellow lender VTB as a first step to selling the company to state-controlled Rostelecom, Vedomosti reports. VTB bought 100% of the shares in Tele2’s Russian business in March this year for USD2.4 billion in equity value and USD1.15 billion in net debt, but industry insiders expect the financial institution to sell the firm on to another party in due course, with Rostelecom deemed the most likely buyer. Vedomosti, citing sources at two telecoms companies and a state bank, reports that Bank Rossiya will be an ‘intermediary’ rather than the final buyer of the asset.

Russia, Tele2 Russia, VTB Mobile