Far East | Telecoms, media

Vympelcom to buy Far East operator NTC for $420m

11 May '11
Mobile operator Vympelcom, working under Beeline brand, has announced plans to purchase 100% shares in New Telephone Company (NTC), based in Vladivostok, Primorsky region, for $420m.

The sellers are KT Corporation and Summit Telecom Global Management B.V., which is a part of Sumitomo Corporation.

Under plans, in the next four weeks Vympelcom is to buy 90% shares in NTK, and after that the company is to make a mandatory general offer for buying out the remaining 10% shares.

The second phase of the deal is scheduled to be completed in Q3 2011.
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