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Rostelecom shareholders approve capital hike for Tele2 Russia deal

Rostelecom PJSC shareholders approved the company's planned capital increase to help partially finance the acquisition of Tele2 Russia.

The Russian national operator will issue up to 1.2 billion additional ordinary shares at 93.21 Russian rubles per share to VTB Bank PJSC through a private placement. The proceeds will be used to acquire a partial stake in Tele2 Russia under a three-stage, cash-and-share-swap deal.

Rostelecom will acquire the remaining 55% stake it did not already own in Tele2 Russia for 132 billion rubles. The deal secured approval from Russia's Federal Antimonopoly Service.

As of Dec. 19, US$1 was equivalent to 62.35 Russian rubles.