Rostelecom stake bought for $237 million
11 October 2013 |
Deutsche Bank and Russia’s state-backed private equity investment firm, the Russian Direct Investment Fund (RDIF), will buy a 2.7% stake in Rostelecom, Reuters reports.
RDIF and Deutsche Bank will invest an estimated $237 million in the 72.2 million shares, which is hoped to pull Rostelecom out of its debt.
In July this year, Rostelecom announced that it was planning to sell some of its treasury shares, and earlier this month was reported to be looking an acquisition in the banking sector.
RDIF and Deutsche Bank expect Rostelecom to benefit from the growing demand for high-speed internet services, and the Russian operator will reportedly be entitled to a portion of profits from any increase in the value of the shares bought by the two investors.