Rostelecom BoD Approved Deal to Acquire Interest in NVision Group
OREANDA-NEWS. May 5, 2010. Rostelecom (RTS, MICEX: RTKM, RTKMP; OTCQX: ROSYY) today announced that its Board of Directors has approved a deal to acquire an interest in NVision Group (NVision brand) through participation in augmenting the authorized capital of NVision Group Managing Company LLC.
Upon completion of the transaction, Rostelecom will have a 25% interest in the authorized capital of NVision Group Managing Company LLC. The exact value of the deal has yet to be determined, though it will not exceed USD 50 million.
Proceeds from the deal will be used to develop promising future projects of NVision Group and Rostelecom.
According to the terms and conditions – depending of NVision’s future operating and financial results - Rostelecom will be entitled to increase its stake in the authorized capital of NVision Group Managing Company LLC up to 100% or sell its stake back to the current owners of Nvision Group.
Rostelecom’s General Director Anton Kolpakov stated: “The decision to acquire an interest in NVision Group was taken within the framework of the implementation of the Company’s strategies aimed at business diversification and strengthening its position in the market of advanced high-tech and innovative info-communications services”.
Mr. Kolpakov continued: “Not only is Rostelecom acquiring an interest in a promising system integration business, but also a streamlined framework for the design and maintenance of information and telecommunications systems”.
Anton Kolpakov commented: “This deal is made feasible due to the long-standing productive and reliable collaboration between our two companies”.
The decision was adopted by Rostelecom’s Board of Directors following the recommendation of its Strategic Planning Committee.
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