Tele2 Reaps $3.5B In Russian Unit Sale To VTB Group

Law360, Los Angeles (March 27, 2013, 8:41 PM EDT) -- Swedish telecommunications giant Tele2 AB will sell its Tele2 Russia unit to Russian financial services group VTB Group for $2.4 billion in cash and $1.15 billion in net debt, according to a joint statement Wednesday.

The transaction comes mere weeks after Tele2 AB President and CEO Mats Granryd said in an interview that the company was determined to maintain its mobile presence in Russia, despite not being able to provide 3G services there.

Tele2 Russia had net sales of $2 billion in 2012 — nearly one-third...
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