Mergers and Acquistions News
Categories: Telecoms
May 28th 2010, 15:36PM
Teleset Networks has accepted a bid from Volga Telecom, valuing the company at over £92 million.
Shareholders responsible for 98 per cent of shares in Teleset have accepted the bid, with 90 per cent needed to secure the deal.
Volga has offered 58.4 pence a share for Teleset, which is currently listed on the London Stock Exchange.
Vladimir Rybakin from Volga Telecom said: "Acquisition of Teleset Networks plc will ensure Volga Telecom the entrance to [the] attractive and growing market of the Republic of Tatarstan where to date the companies of Svyazinvest Group were represented only in [the] mobile communications segment.
He added that the acquisition would also boost the company's presence in the Ulyanovsk market.
Volga Telecom is one of the leading telecoms companies in the Volga region, according to financial news site LiveCharts.co.uk.
It provides a large portion of the region's telephony, cellular, internet and data transmission, TV and radio broadcasting services.
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