Rossiya bank linked with stake in Tele2 Russia

7 Oct 2013

St Petersburg-based bank Rossiya, which is controlled by businessman Yury Kovalchuk, is expected to buy an unspecified stake in regional operator Tele2 Russia from state-controlled VTB Group, a source close to the operator told Prime business news agency. The unnamed source explained: ‘Bank Rossiya will act as the main buyer. Maybe someone else [will buy a stake in the company], but bank Rossiya will eventually control Tele2 Russia’. Further, the source noted that the stake sale will be a prelude to a long-rumoured joint venture with national operator Rostelecom.

According to TeleGeography’s GlobalComms Database, VTB acquired Tele2 Russia from Sweden’s Tele2 Group in April 2013 for USD3.55 billion, including debt.

Russia, Rostelecom, Tele2 Russia, VTB Mobile