Russia's Rostelecom completes mobile joint venture formation

MOSCOW Wed Aug 6, 2014 3:11am EDT

MOSCOW Aug 6 (Reuters) - Russian state-controlled telecoms operator Rostelecom said on Tuesday it had completed the final stage of a deal to create a mobile joint venture with the country's fourth-biggest wireless carrier Tele2 Russia.

Rostelecom transferred 100 percent of its shares in its subsidiary RT-Mobile to the joint venture and had its licences reissued to the new entity.

It will have a 45 percent stake in the joint venture, while state-controlled bank VTB and its partners will get a 55 percent stake.

VTB bought Tele2 Russia from Nordic telecoms group Tele2 for $3.6 billion in 2013. It later agreed to sell half of the business to a group of investors including affiliates of Bank Rossiya and entities of Alexei Mordashov who controls steelmaker Severstal. (Reporting by Maria Kiselyova; Editing by Jason Bush)