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Rostelekom OAO Buys Additional Shares in Svyaz'invest OAO Under Planned Merger

Wednesday, 17 Oct 2012 07:45am EDT 

Rostelekom OAO (Rostelecom) announced that its Board of Directors has approved the acquisition of 140,315,416 additional ordinary nominal book-entry shares in Svyaz'invest OAO (Svyazinvest). The shares have been acquired as part of a private placement to existing Svyazinvest shareholders. Rostelecom will pay a total cash consideration of RUB 1,720.267 million for the shares. The acquisition will enable the Company to remain in control of the 25% plus 1 share blocking stake it possesses in the state holding before the merger is complete. In accordance with Russian Federation Presidential Decrees dated August 12, 2010, and November 15, 2010, the State, represented by the Federal Agency for State Property Management, is the second Svyazinvest shareholder and will purchase its stake by transferring to Svyazinvest its ordinary shares in OJSC Bashinformsvyaz, JSC Ingushelektrosvyaz, JSC Chukotkasvyazinform, OJSC MMTS-9, as well as its ordinary and Class A preferred shares in JSC Central Telegraph. The second stage of the reorganization, which merges Svyazinvest with Rostelecom, is expected to be completed in 2013. Once the merger is complete, Rostelecom will obtain control over all of Svyazinvest's assets. 

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10 Sep 2014