VTB Bank, a leading, state-owned Russian bank, surprised the Russian telecom market last week by announcing the sale of a 50% stake in Tele2 Russia, Russia’s fourth largest mobile operator. The Bank had acquired 100% of shares in Tele2Russia for $3.55 billion just six months ago from the Swedish telecom group Tele2 AB.
The buyer is a consortium of strategic investors that includes Bank Rossiya, one of Russia’s first private banks with 23 years of experience in the market, and unspecified entities controlled by Alexei Mordashov, a Russian tycoon who owns and manages Severstal, one of this country’s largest steel makers.
Forbes has estimated Mordashov’s net worth at $15.3 billion last year, ranking him the third richest man in Russia and the 45th in the world.
The seller opted not to disclose the deal’s value, saying only that “the sale price is in line with VTB’s expectations.”
VTB executives expressed hopes that “the new strategic partnership will strengthen the market position of Tele2 Russia” and confirmed their willingness to have the operator enter the LTE market. So far Tele2 Russia has received 2G licenses in only 43 Russian regions, having been left outside the lucrative Moscow market and failing to receive 3G and 4G licenses.
The most recent announcement raised some market analysts’ eyebrows, though. Just over a month ago, VTB president and chairman Andrey Kostin said the bank would “make no haste” in selling any of Tele2 Russia and would keep the asset “at least for the rest of this year.”
