Rostelekom OAO's Board approve contribution of mobile assets into joint venture T2 RTK Holding with Tele2 Russia Holding AB
Rostelekom OAO:Says it approved contribution of its mobile assets into a joint venture (T2 RTK Holding) with Tele2 Russia Holding AB, equally owned by VTB Capital, the private equity arm of VTB, and a consortium of investors.Says T2 RTK Holding will become a player in the Russian mobile market, with a pro forma subscriber base of about 38 million (Q3 2013), with pro forma 2012 revenues of about 101 billion Russian rubles.Says Rostelekom will contribute substantially all of its mobile assets and licenses to T2 RTK Holding, while Tele2 Russia will contribute all of Tele2 Russia’s mobile assets.Says the contribution from Rostelekom will be effected in two stages.Says the first stage will see Rostelekom contributing its standalone mobile subsidiaries and assets, including SkyLink, into T2 RTK Holding, at the end of which, Rostelekom will receive a 45 pct voting interest and a 26 pct economic interest in T2 RTK Holding.Says during the second stage, Rostelekom will spin off its integrated mobile businesses into its new wholly owned subsidiary CJSC RT-Mobile which will be expected to have Rostelekom's mobile licenses (including the LTE licenses) re-issued to it.Says upon completion of the spin-off, Rostelekom will contribute its whole stake in CJSC RT-Mobile into T2 RTK Holding and increase its economic interest in T2 RTK Holding to 45 pct.Says the first stage of the transaction is expected to close in Q1 2014 and the second in the first half of 2014.
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