Russia’s VTB Finalizes Sale Of 55% Tele2 Russia Stake To Rostelecom

Russian state lender VTB has finalised the sale of a 55% stake in mobile phone operator Tele2 Russia to state telecoms group Rostelecom, the companies said on Wednesday.

VTB has held a stake in Tele2 since 2013, a period in which the lender’s CEO, Andrey Kostin, said Tele2 had grown from a niche mobile phone operator into a national player.

The bank will receive 108 billion roubles ($1.71 billion) from the sale of 45% of Tele2 Russia’s shares and also exchange a further 10% of Tele2 Russia’s shares for 10% of Rostelecom’s ordinary shares.―Reuters