PRESS: Rostelecom said willing to get back to idea to buy Akado

MOSCOW, Sep 6 (PRIME) -- Russian state-controlled telecom operator Rostelecom wants to buy connection operator Komkor, known as Akado Telecom, and is holding a pre-sale audit of the asset, business daily Vedomosti reported on Wednesday, citing several sources.

A person close to the management of tycoon Viktor Vekselberg’s Renova, which fully owns Akado, said that no binding documents have been signed so far. A source close to Rostelecom confirmed that talks on the acquisition of Akado are truly under way. Various options of the deal are being considered, including a payment done by Rostelecom with its quasi-treasury shares, which are on the balance of its unit, Mobitel.

Rostelecom first thought of buying Akado in 2010 and estimated it at U.S. $1.2 billion. Talks were resumed for several times, but then failed.

In August, the Federal Antimonopoly Service allowed Internet and pay TV provider ER-Telecom Holding, working as Dom.ru, to acquire Akado’s St. Petersburg and Yekaterinburg-based assets.

The person close to Renova’s management said that Rostelecom is estimating the whole business of Akado, including regional assets.

One of the sources told Vedomosti that Renova earlier valued Akado at 32 billion rubles excluding debts.

Internet provider Iskratelekom’s General Director Alkhas Mirzabekov said that Akado could be valued approximately at three annual revenues, or six to seven EBITDA without debts, which is 25–34 billion rubles, judging by the deals concluded on the broadband market.

(57.8503 rubles – U.S. $1)

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