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Telenor agrees to Golden Telecom sale
06 февраля 2008 |
Russian mobile operator Vimpelcom takes first step towards acquiring domestic broadband provider. Telenor Tuesday announced it has agreed to tender its 18.3% stake in Russian fixed-line operator Golden Telecom to Vimpelcom.
The Norwegian operator said in a statement it stands to receive $773.8 million for its shares.
Russian mobile operator Vimpelcom, in which Telenor holds a 33.6%
stake, aims to acquire 100% of the fixed-line firm, thereby giving it a
foothold in the country's growing broadband sector. The move would give
Telenor an indirect stake in Golden Telecom.
If successful, Vimpelcom's $4.3 billion bid to acquire U.S.-listed
Golden Telecom will be the second-largest international acquisition
made by a Russian company to date, and the largest outside the energy
and natural resources sector, Telenor said in a statement.
"We have today tendered all our shares in Golden Telecom… We are proud
to be a part of this major transaction in the new economy in Russia,"
said Jan Edvard Thygesen, executive vice president and head of
Telenor's CEE operations.
After months of speculation, Vimpelcom finally offered $105 per share
for Golden Telecom in December last year. Telenor is the first of the
telco's shareholders to respond to the bid.
It initially emerged in July that Vimpelcom was eyeing a 44% stake in
Golden Telecom as it looked to establish new lines of business.
However, there was concern at the time whether a long-running and
bitter spat between Telenor and Russia's Altimo – which both hold
shares in both Vimpelcom and Golden Telecom - would jeopardise a
possible deal. The pair came to blows over Vimpelcom's expansion into
the Ukrainian telecoms market through its purchase of Kyivstar.
Vimpelcom CEO Alexander Izosimov last week said he expects the purchase
of Golden Telecom to generate synergies of $474 million over the next
three years.
He said that 50% of the cost savings will be made in capital expenditure, and the other 50% in operating costs.
Источник: Total Telecom
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