Rostelecom has secured a guarantee of over R11 billion (€274.3 million) from Uralsib Bank for the possible buyout of minority shareholders in National Telecommunications (NTK), the operator of Russia’s largest cable operator NKS.
Vedomosti reports that the bank won an auction and that its services will cost Rostelecom 0.234% per annum on the guarantee.
Rostelecom and two of its subsidiaries – Uralsvyazinform and North-West Telecom (NWT) – acquired a combined total of 71.8% in NTK last month for $951 million (€681.8 million), leaving the remaining 28.2% in the hands of the minority shareholders VTB Capital (11.6%) and Sberbank Capital and Gazprombank (8.3% each).
The former is likely to be offered a maximum of R4.52 billion and latter R3.24 billion each.