State-controlled banking group VTB has closed its previously announced deal to sell a 50% stake in mobile operator Tele2 Russia to a consortium of investors affiliated to St Petersburg-based bank Rossiya . VTB has not disclosed the price of the deal, but noted that it was in line with the group’s expectations. Citigroup and VTB Capital acted as advisers for the sale, which saw Invintel (40%) and ABR Investments (10%) each take a stake in the cellco.
According to TeleGeography’s GlobalComms Database, VTB acquired Tele2 Russia from Sweden’s Tele2 Group in April 2013 for USD3.55 billion, including debt. Under the terms of the deal, if VTB sold the mobile network on to another buyer within a year of completing the transaction, Sweden’s Tele2 Group would receive half of any cash profit made by VTB. The latter has now confirmed that it has ‘fulfilled all obligations’ relating to the Tele2 Group.