April 9, 2013 / 11:53 AM / 5 years ago

VTB Capital buys stake in Russian TV operator

MOSCOW, April 9 (Reuters) - VTB Capital, investment arm of VTB, Russia’s No.2 lender, said on Tuesday it had bought a minority stake in a Russian television company that it will prepare for an initial public offering in a few years.

VTB Capital did not disclose the size or price of the stake in National Satellite Company, the largest Russian satellite television operator through its Tricolor TV brand, which has over 12 million subscribers throughout Russia.

“We believe its (Tricolor TV‘s) ... countrywide footprint will enable the company to capitalize on opportunities in the rapidly growing Russian pay-TV market and successfully complete an IPO in the next few years,” VTB’s Tim Demchenko said in a statement.

VTB has made a number of private equity investments in recent years, buying the Russian unit of Nordic telecoms company Tele2 in March and stakes in hypermarket chain Lenta in 2011 and 2009.

Shares in VTB were trading up 2.5 percent at 1112 GMT. (Reporting by Alessandra Prentice; Editing by Helen Massy-Beresford)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below