|
Articles & publications
19.05.2010
Svyazinvest is in the buying mood: state holding enters Tatarstan market, taking over Teleset operatorRBC daily, Elizaveta Sergina
Svyazinvest’s subsidiary VolgaTelecom is prepared to take over one of the largest alternative operators in Tatarstan – Teleset. Yesterday, the Federal Anti-Monopoly Service announced its approval of the transaction. Analysts estimate the value of this asset at $30 mln. Ahead of the reorganization of Svyazinvest the holding intends to buy up attractive assets in the regions, analysts point out.
The holding’s subsidiary VolgaTelecom has obtained permission from the Federal Anti-Monopoly Service to buy 100% of Cyprus-based Teleset Networks PablicCompany Limited, which owns Teleset operator, according to the agency’s official statement. It was not possible yesterday to contact VolgaTelecom officials for details. A source at the RTO’s board of directors said that negotiations with Teleset have been underway for some time now. And in the run-up to the merger between RTOs and Rostelecom the management’s goal is that of “taking over everything possible to boost the capitalization of the merged company”, the source went on to say.
Elena Krylova, iKs-Consulting analyst, estimates the value of Teleset at $30 mln. She says that Teleset is one of the strongest alternative operators in the region, along with Er Telecom. “In my opinion, this is quite a convenient investment. Thus, in addition to the subscriber base, VolgaTelecom will gain access to a new market”, Ms. Krylova notes. She went on to say that this might not be the last takeover. “Ahead of the reorganization the state holding could buy up some assets in the regions regarded as interesting for it”, Krylova pointed out.
Last June the government committee for transportation and telecommunications under the chairmanship of Prime Minister Sergey Ivanov approved the concept for reorganization of Svyazinvest’s telecommunications assets as worked out by Roland Berger, McKinsey and UBS investment bank. One of the key points in this document (of which RBC managed to obtain a copy) was an alliance with one of the Big-3 operators. As sources at the state holding previously pointed out, at the request of Svyazinvest consultants have been working out an additional strategy for the merged Rostelecom. A key role in this plan will be the rollout of backbone networks, broadband Internet access, including the use of LTE technology. “Special attention will also be devoted to the corporate segment, including IT services and digital television”, RBC Daily said.
Teleset operates in Tatarstan (Kazan, Naberezhnye Chelny, Ulyanovsk) and is a provider of fixed-line telephony as well as Internet access. Last year, the company’s revenue amounted to $30.9 mln and EBITDA stood at $18.4 mln. In addition, the company’s subscriber base as of year-end 2009 numbered 44,900 Internet users and 161,300 fixed-line telephone users. The company’s share of the telecommunications market in Kazan was 30% last year, while it was 10% in Naberezhnye Chelny and 13% in Ulyanovsk.
|
