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M&A: FAS Russia accepts Tele2 Russia Holding AB's notice

The Federal Antimonopoly Service has accepted the notice of Tele2 Russia Holding AB regarding the purchase of a 99% equity stake in T2 Rus Holding LLC, the regulatory body informed.

The transaction applied for will not restrict competition, the competition authority points out.

It will be recalled that Tele2 earlier reported the holding company's coming under Russian jurisdiction. From now on Tele2 Russia subsidiaries will be owned by T2 Rus Holding LLC.

T2 Rus Holding LLC owned by VTB Group is now controlling all Tele2 Russia regional companies. Prior to reorganization, all operating companies belonged to Tele2 Russia Holding AB (Sweden). It came under control of VTB after the banking group had acquired the Russian business from the Swedish Tele2 AB in March 2013.

As part of changes in jurisdiction, all Tele2 Russia current business has been kept as is and the regional structure has not undergone any changes.

Tele2 is an alternative European telecommunication company providing mobile and fixed-line telephony services, broadband Internet and cable TV services to over 38 million subscribers in 11 countries.

In Russia, the company has been active since 2003. It is licensed for providing mobile communication services in 43 regions of Russia. Tele2 Russia Holdings AB belongs to Airport Alliance B.V. (located in the Netherlands, being part of the VTB Bank group). Operating revenue of Tele2 Russia for Q2 2013 grew by 12% to RUB 16.4 billion from RUB 14.6 billion for the same period in 2012. EBITDA increased by 11% to RUB 5.9 billion from RUB 5.4 billion, EBITDA margin decreased to 36.3% from 36.6%. Tele2 Russia's subscriber base exceeds 23 million.

"AK&M", 12.02.2014


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