VTB Capital said on Tuesday it had bought a minority stake in a Russian television company that it would prepare for an initial public offering in a few years.
VTB Capital did not disclose the size or price of the stake in National Satellite Company, the largest Russian satellite television operator through its Tricolor TV brand, which has more than 12 million subscribers throughout the country.
"We believe its [Tricolor TV's] … countrywide footprint will enable the company to capitalize on opportunities in the rapidly growing Russian pay-TV market and successfully complete an IPO in the next few years," VTB's Tim Demchenko said in a statement.
(Reuters)
