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Russia: Swedish mobile operator buyout by bank cleared

By  |  April 4, 2013

The Federal Antimonopoly Service has officially approved for VTB Bank to buy 100 percent of Tele2 Russia. VTB is the nation’s second-largest lender. The bank will buy the company, which is based in Sweden, for $2.4 billion in addition to assuming its current $1.15 billion in debt. Tele2 stands as Russia’s fourth-leading mobile telecom operator. The FAS noted that VTB was the sole bidder for the mobile company, despite the fact that last week Alfa Group investment vehicle A1 said it would challenge the acquisition, claiming it hurt Tele2 minority shareholders.

 

Full Content: Ria Novosti

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