Rostelecom shareholders OK mobile spinoff

Russian telecom major Rostelecom has secured shareholder approval for a plan involving spinning off its mobile assets and merging them into a joint venture with Tele2 Russia.
Shareholders late last year approved the spinoff of Rostelecom mobile assets with a book value of 19.5 billion rubles ($589.1 million) into subsidiary CJSC RT-Mobile.
Rostelecom is spinning off RT-Mobile as the first step towards the establishment of a mobile JV with Tele2 Russia. Once the process is complete, all of RT-Mobile's shares will be incorporated into the joint venture, T2 RTK Holding.
Rostelecom president Sergey Kalugin said combining mobile assets with Tele2 Russia's will create a company with a 16% subscriber share of the Russian mobile market.
“The new company will have a complete portfolio of frequencies and will operate commercially in 64 Russian regions,” he said. “We believe that we are in fact creating a national mobile operator that has all the opportunities to be competitive on a national scale, and have great growth potential.”

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.