UPDATE: Tele2 completes Russian subsidiary sale to VTB

Tele2 has announced it has completed the sale of subsidiary Tele2 Russia to VTB bank.

Despite continued interest from Vimpelcom, MTS and A1, as well as confirmations from Tele2 that it would sell its Russian arm to VTB, Tele2 has told reporters that the sale has now been completed for a reported deal value of $3.5 billion.


In a statement, Mike Parton, chairman at Tele2, said that the completion of the deal was an “excellent result” for its shareholders.

“Our cash investment in this business was SEK 6 billion and this has generated a cash return of over SEK 27 billion including the transaction, much of which has been returned to our shareholders,” he added.