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Rostelekom OAO and Tele2 Russia sign joint venture framework agreement


Wednesday, 5 Feb 2014 07:00pm EST 

Rostelekom OAO:Announces that it has signed a framework agreement with Tele2 Russia that will lead to the integration of their mobile assets.Says the framework agreement outlines the terms and conditions surrounding the contribution of Rostelecom’s mobile subsidiaries and its integrated mobile assets into the share capital of the joint venture, LLC T2 Rus Holding2 (JV).Says Rostelecom is transferring assets with an enterprise value of about $3.5 billion to the JV.Expects the first stage of the deal to be closed in spring.Says the first stage will see Rostelecom contribute the shares of its mobile subsidiaries to the JV’s share capital, as well as part of its integrated mobile assets, including Moscow and St Petersburg.Says Rostelecom will have a 45 pct share of votes and a 26 pct economic share.Says the two parties will enter into MVNO agreements, licensing agreements regarding the two companies’ brands, as well as a range of agreements for the transitional period.Says the second phase of the transaction will be completed within the year.Says during the second stage of the deal, Rostelecom will contribute 100 pct of RT-Mobile shares to the JV’s share capital.Says it will transfer its integrated mobile assets, allocated as part of the company’s reorganization approved at the AGM on Dec. 30, 2013, to RT-Mobile.Says following the completion of the second stage of the deal, Rostelecom will be able to increase its share in the JV’s share capital to 45 pct.