Russia's VTB Reports $1.2B Sale Of Half Of Telecom Giant

Law360, New York (December 5, 2013, 1:52 PM EST) -- Russian banking consortium VTB Group sold a 50 percent stake in Russian telecommunications company Tele2 AB for 40.4 billion rubles ($1.2 billion), the company said in third-quarter account statements released Thursday.

VTB said it sold Tele2, one of Russia’s largest telecommunications companies, in October, less than a year after it acquired Tele2 in April. VTB said this deal, along with its deal to sell its 10 percent stake of Russian bank Rosbank to Societe Generale SA, is part of its strategy to divest its assets that...
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