OREANDA-NEWS. May 17, 2010. The board of directors of Rostelecom (RTS and MICEX: RTKM, RTKMP; OTCQX: ROSYY) has approved a transaction aimed at acquiring an equity stake in NVvision (NVision brand) by way of participating in an increase in the charter capital of the management company of the Envision Group.

As a result of completion of the transaction, Rostelecom’s equity stake in the charter capital of the management company of the NVision Group will amount to 25%.

The exact amount of the transaction is to be determined at a later time, but it is not expected to exceed USD 50 mln.

The proceeds derived from the transaction are to be allocated to developing promising projects being carried out by Energy Group and Rostelecom.

Under the terms of the transaction, depending on the financial results of the NVision Group, Rostelecom will be entitled in the future both to raise its stake in the capital of the management company of the Envision Group to 100% and also to sell its acquired stake to the current owners of the Envision Group.  “The decision to acquire a stake in NVision was adopted in line with the company’s business diversification strategy and also in order to strengthen its positions on the market of comprehensive high-tech and innovative information services”, general director of Rostelecom Anton Kolpakov pointed out.

According to Mr. Kolpakov, “Rostelecom is acquiring a stake in the promising systems integration business, and also a well established system for working out customer service for information and telecommunications systems”.  Rostelecom’s CEO went on to say that “the transaction was possible thanks to many years of reliable and efficient collaboration between our two companies”.  This decision was adopted by the board of directors of Rostelecom taking into account the recommendation of the Strategic Planning Committee of the Board of Directors.