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RDIF, Deutsche Bank to pay $241 million to acquire Rostelecom stake

Russia's state-backed private equity fund RDIF and Deutsche Bank will pay a maximum of $241 million for a 2.45 per cent stake in telecom operator Rostelecom, financial daily Kommersant reported on September 12.

The state-controlled telecom group announced plans in July to sell some of its treasury shares to a pool of investors, led by RDIF, to reduce debt. According to media reports, the pool also included Deutsche Bank.

RDIF and Deutsche Bank will each buy 1.225 per cent of shares at no more than 110.5 roubles ($3.36) per share, Kommersant wrote, citing an unnamed source familiar with the terms of the deal.

The buyers will have an option to sell the shares back to Rostelecom at the deal price plus 1.5 per cent annual interest if the price falls, while Rostelecom will have an option to buy them back if their price rises 30 per cent, the paper said.

Rostelecom's board will determine the price of the deal at a meeting on Thursday. The stock closed at 108.2 roubles on Sertember 11, valuing the 2.45 per cent stake at 7.8 billion roubles ($237 million).

Rostelecom declined to comment on the deal terms, saying only that shareholders will vote by absentee ballot.

2013-09-13, The Economic Times.


Keywords: Germany, Russian Direct Investment Fund (RDIF), Rostelecom

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