Russian telecoms giant Rostelecom is planning to sell a 12% stake to banking group VTB for up to RUB35 billion (USD995 million) to help to pay for a share buyback, business daily Kommersant has reported. State-controlled Rostelecom is planning a share buyback from those shareholders who will not support a spin-off of its mobile assets into RT-Mobile, a proposed joint venture with Tele2 Russia. VTB acquired Tele2 Russia from Sweden’s Tele2 last year, and is well-placed to free up funds for its new partner.
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