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Articles & publications
15.04.2010
Envision Group to close the sale of 25% stake in Rostelecom within 2 monthsInterfax
System integrator Envision Group intends within two months to close a transaction involving the sale of about 25% of its stake in long-distance operator Rostelecom (RTS: RTKM).
“The deal should be wrapped up within two months. The due diligence is currently being completed which has been underway for the past three months. We’re now waiting for the board of directors of Rostelecom”, the general director of Envision Group Alexey Nashekin said at a press conference in the headquarters of Interfax news agency on Thursday.
He went on to say that the proceeds from the sale of this stake would be allocated to roll out new business areas, especially the service area, to co-invest in a project which calls for the formation of a Russian network of data centers and for domestic production of Russian equipment and software.
“So far we’ve been developing mainly on the strength of in-house funds, performing expert appraisals and acquiring companies. The proceeds raised will add momentum to large-scale development, increasing our turnover and improving our market position”, the head of Energy Group pointed out.
Mr. Nashekin went on to say that along with Rostelecom the company intends to participate in projects aimed at upgrading the telecommunications infrastructure in the Russian Federation, setting up data processing centers. “By creating federal infrastructure and a system of data centers we will be able to offer new services both to state structures and agencies and to large corporate clients”, Mr. Nashekin emphasized.
Rostelecom has announced its intention to acquire a stake in Envision Group in December 2009. Rostelecom and other Svyazinvest subsidiaries are among the companies to which the integrator provides services. Envision Group participated in a project to upgrade Rostelecom’s network and phase in an anti-spam protection system for the operator’s email system. In addition, as reported earlier, Rostelecom selected Envision Group as its subcontractor in the “Electronic Government” program.
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