It follows the sale of a 16.3% stake in the company by Dehus Dolmen Nominees (representing the investment fund Baring Vostok) and Enforta to PFIG Overseas Invest Holding, representing the interests of Andrey Kuzyaev.
As a result of the deal, PFIG’s interest in ER Telecom has increased from 70.9%% to 87.29%.
Although no financial details have been disclosed, industry sources believe the transaction could be worth up to R9 billion (€99.5 million).
ER Telecom is the second largest provider of internet services in Russia and also one of the country’s leading pay-TV operators, employing the Dom.ru brand.
Baring Vostok initially bought a 10% stake in ER Telecom in 2010.
It was increased six years follow its acquisition of the wireless operator Enforta.