×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia's VTB sold its Tele2 stake for $1.2Bln

VTB sold its 50 percent stake in Tele2 Russia for 40.4 billion rubles ($1.2 billion), the bank disclosed in its third-quarter accounts statement Thursday.

VTB bought Russia's fourth-largest mobile operator from Sweden's Tele2 in April for $3.55 billion.

It struck a deal in October to sell half to a group of investors including affiliates of Bank Rossia and entities of Alexei Mordashov, a billionaire tycoon who controls steelmaker Severstal.

At the time, it did not name the price of the deal, but the value had been put at $2 billion, including assumed debt, based on the price at which VTB has valued the stake on its books. VTB said at the time it had been a profitable deal.

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more