Deals
Telia Said to Weigh Stake Sale in Russian Carrier MegaFon
- Phone company is weighing selling about $500 million in shares
- Sale to institutional investors may come as soon as this week
A customer points to a mobile handset on display inside a Megafon retail store in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Telia AB is considering a plan to reduce its stake in Russian telecommunications service provider MegaFon PJSC as the Swedish carrier focuses on its home region, according to people familiar with the matter.
Telia is considering selling about $500 million of MegaFon as early as this week in an accelerated sale to institutional investors, depending on demand and market conditions, the people said, asking not to be named as the details aren’t public. No final decisions have been made and Telia could decide to retain the stake for longer, they said. A $500 million stake would be equivalent to about 7.8 percent of MegaFon shares at current market prices.