Russian Billionaire Rotenberg Buys 10.7% Stake in Rostelecom

MOSCOW, March 1 (RIA Novosti) – Marshall Capital has sold its 10.7-percent stake in Russia’s state-run telecoms operator Rostelecom to billionaire Arkady Rotenberg for an “undisclosed amount,” the company said in .

“We are satisfied with the terms of the deal. It is important for us to have as a buyer a domestic strategic investor who is seriously interested in the long-term development of Rostelecom as a leading national telecoms operator,” Marshall Capital said in a statement late on Thursday.

The price of Rostelecom’s common share grew 4.56 percent on the Moscow bourse on Thursday to 122.72 rubles ($4) bringing the estimated market value of Marshall Capital’s stake to 38.7 billion rubles ($1.3 billion).

However, a source close to Marshall Capital said that the stake was sold with a premium to the market price at about 150 rubles ($4.8) per share.

Rosenberg, whose fortune in road and pipeline construction is estimated by Forbes at $1 billion, is a newcomer to the telecoms market.

“The acquisition of Rostelecom stake is our long-term investment in the Russian telecoms market,” he said on Thursday. “The company has a great potential, both in terms of business development and capitalization growth.”

Rostelecom is Russia’s largest national telecommunications operator with 13 million mobile voice services subscribers and 28 million fixed-line voice subscribers in all Russian regions.

The company reported 238.7 billion rubles ($7.8 bln) of consolidated revenues and 30.6 billion rubles (about $1 bln) of net income for the nine months ended September 30, 2012.


Leave a comment