Mergers and Acquistions News
Categories: Telecoms
May 6th 2011, 13:14PM
South Korean communications company KT Corp released a statement this week to confirm that it had reached a deal with Russian operator VimpelCom over the sale of its Russian unit New Telephone Company.
Almost $350 million (£211 million) will be paid as part of the deal, which will see VimpelCom take on just under 80 per cent of the unit's shares.
Reuters reports that discussions over selling that arm of the company have been underway for around a month, in a bid to find a national operator to control it.
A spokesman for the company said it a statement: "KT concluded that it would be better for a nationwide operator to acquire and grow NTC."
It will also help VimpelCom to secure a larger subscription in Eastern Russia.
The Russian arm of the firm reported a $25 million net profit last year.
VimpelCom announced last month that a merger had taken place with Wind Telecom. The new company created the sixth largest mobile telecommunications company.
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