Rostelecom completes first stage of Tele2 merger

31 Mar 2014

Rostelecom has announced that it has completed the first stage of its agreement to establish a joint venture with Tele2 Russia, which will operate as LLC T2 RTK Holding. Following the completion of the first stage of the deal, Rostelecom has contributed the shares of its mobile subsidiaries to the JV, including the likes of SkyLink. Debt obligations amounting to RUB37 billion (USD1.03 billion) were simultaneously transferred to the venture. By closing the first stage of the deal, Rostelecom has received a 45% voting interest and a 26% economic interest in the JV. The second stage of the deal, which will involve transferring all of the company’s integrated mobile assets into the holding company, is scheduled to be completed by the end of this year. CJSC RT-Mobile, a 100% subsidiary of Rostelecom, is expected to be registered on 1 April 2014. Rostelecom’s integrated mobile assets will be transferred to RT-Mobile as part of the reorganisation process.

Russia, Rostelecom, Tele2 Russia