Russian cableco ER-Telecom plans to grow by 15%-18% a year and double the size of its business within the next five years, Broadband TV News reports, citing Russian business daily Kommersant. Details of the new strategic plan were revealed by Andrei Kuzyayev, the company’s co-owner and president, just days after the cableco announced significant changes to its management structure. ER-Telecom aims to grow not just organically, but also via acquisitions, he noted.
Going forward, the Perm-based company hopes to raise at least USD500 million in an initial public offering (IPO) within the next three years – depending on improved political and economic circumstances in Russia, although Kuzyayev has stressed that the current backers will retain control of the company.
According to TeleGeography’s GlobalComms Database, ER-Telecom is 75.5%-owned by investment group Perm Financial and Industrial Group (PFIG), while a further 14.5% is distributed amongst the company’s management. The remaining 10% is held by local company Baring Vostok Capital Partners.