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Russia's VTB sold its Tele2 stake for $1.2 billion: accounts
December 5, 2013 / 11:52 AM / 4 years ago

Russia's VTB sold its Tele2 stake for $1.2 billion: accounts

A man walks past an office of VTB Bank in central Moscow March 18, 2013. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian bank VTB (VTBR.MM) sold its 50 percent stake in Tele2 Russia for 40.4 billion roubles ($1.2 billion), the bank disclosed in its third quarter accounts statement on Thursday.

VTB bought Russia’s fourth-largest mobile operator from Sweden’s Tele2 (TEL2b.ST) in April for $3.55 billion.

It struck a deal in October to sell half to a group of investors including affiliates of Bank Rossiya and entities of Alexei Mordashov, a billionaire tycoon who controls steelmaker Severstal (CHMF.MM).

At the time, it did not name the price of the deal, but the value had been put at $2 billion, including assumed debt, based on the price at which VTB has valued the stake on its books. VTB said at the time it had been a profitable deal.

Reporting by Oksana Kobzeva; writing by Megan Davies, editing by Alexei Anishchuk

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