OREANDA-NEWS. Rostelecom OJSC (MOEX: RTKM, RTKMP; OTCQX: ROSYY), Russia's national telecommunications operator, today announces that it has completed the first stage of the deal to establish a joint venture with Tele2 Russia, which will operate as LLC T2 RTK Holding.

As a result of completing the first stage of the deal, Rostelecom has contributed the shares of its mobile subsidiaries to the JV, including CJSC Sky Link, as well as the assets of its start-up regions which include Moscow and St Petersburg among other regions. Debt obligations amounting to RUB 37 billion were simultaneously transferred to the JV.

By closing the first stage of the deal, Rostelecom has received a 45% voting interest and a 26% economic interest in the JV.

The second stage of the deal, which will involve transferring all of the Company's integrated mobile assets into the JV, is scheduled to be completed by the end of this year. CJSC RT-Mobile, a 100% subsidiary of Rostelecom, is expected to be registered on 1 April, 2014. Rostelecom's integrated mobile assets will be transferred to RT-Mobile as part of the reorganisation process.