Svyazinvest to acquire Akado for US$630-650 million

Various newswires had reported that Svyazinvest had come to an accord with Victor Vekselberg and Yuri Pripachkin, owners of one of Moscow’s largest cable TV and broadband internet access operators, Akado, about the sale of the latter to Center Telecom. The company was priced at US$630-650 million, net of a US$350 million debt, and is presently undergoing due diligence.

The transaction has a dual phase scheme and allows for an option. At the first phase, Svyazinvest is to acquire up to 50% of Akado shares in exchange for cash, shares of Center Telecom subsidiaries and, what is less likely, Rostelecom shares. In the second phase, the remaining portion of Akado equities could be acquired by united Rostelecom.

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