Telia to list new company in New York
After a long-drawn legal dispute Swedish telecom operator TeliaSonera and Russian Altimo now plans to list a new international telecom company on the New York Stock Exchange.
| Related news: • Telia facing more trouble in the Baltics • Telenor ends Russian jar by creating new firm |
Altimo, the telecoms investment arm of Russia's Alfa Group Consortium that is controlled by Russian oligarch Mikhail Fridman, and Nordic telecom operator TeliaSonera has agreed to fold their stakes in Turkcell and MegaFon into a new company.
The decision will put an end to a long-drawn legal dispute. The fight over the ownership of Turkcell emerged when the former controlling shareholder, Çukurova, sold the same shareholding interest twice, first to TeliaSonera and then to Altimo.
With the purpose to create a leading international operator, with over 90 million subscribers in Russia and Turkey, the new company will be established in a western jurisdiction and listed on the New York Stock Exchange.
"I am very pleased that we have reached an agreement with Altimo to combine our efforts in resolving the legal disputes, which have been going on far too long", Lars Nyberg, President and chief executive of TeliaSonera, said in a statement. "But the real value of the agreement is in the execution of it".
The new company comapny will focus on developing operational excellence and expanding into new emerging markets.
None of the major shareholders will have the chance to gain control over the new company other than by consent of the other major shareholders, TeliaSonera said, adding that the board will include independent members.
The move came just weeks after Altimo and Norwegian telecom Telenor and Russia's Altimo said it would create a new mobile operator to end a long-running dispute over control of one of Russia's main mobile service providers.
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Last Updated (Thursday, 12 November 2009 08:14)
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