Telekom Austria to fully acquire Velcom in Belarus

Oct 05, 2010 (MANAVIGATOR via COMTEX) --

Telekom Austria AG (WBAG: TKA | PowerRating) said Monday it plans to take over the 30% it still does not own in SB Telecom, the owner of Belarus' telecom company Velcom, for EUR335m (USD458.3m) including interest. Telekom Austria had secured the option for a full takeover of Velcom in 2007 when it bought 70% in the Belarus company. Settlement on the current transaction will be carried out in ten days. Telekom Austria said that the 100% acquisition of Velcom represents the group's "strong commitment to the continuing emerging and liberalising Belarusian telecommunication market". Furthermore, Telekom Austria will pay from 4 October 2010 some EUR247.7m of the EUR313.3m performance-based deferred consideration agreed in 2007. Country: , Belarus Sector: Telecommunications Target: Deal size in USD: 458.3m Type: Corporate acquisition Status: Agreed


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