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| Merger of Petersburg Telephone Network, St.Petersburg National and International Telephone and St.Petersburg Telegraph |
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Transaction Value US$476 million
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Hailed as ”...marking a new stage in the restructuring of the country’s telecoms sector”
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| Moscow Times |
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During 1999 and 2000, Renaissance Capital advised both OAO ”Rostelecom” and OAO ”Moscow MMT” on their successful US$2 billion merger. This pilot transaction, together with general advice provided by Renaissance Capital to the Ministry of Communications, played an important role in developing the road map for the restructuring of Russia’s entire landline industry.
Following this earlier work, Renaissance Capital was appointed to advise on two further pilot mergers, with the most important being the merger of OAO ”Petersburg Telephone Network”, OAO ”St.Petersburg MMT” and OAO ”St.Petersburg Telegraph”. In April 2000 this merger received the overwhelming support of shareholders in all three companies (in all three cases over 90% approval was received). These approvals paved the way for the full consolidation of these companies, and for the first three-way merger of publicly listed companies in Russia.
Renaissance Capital acted as financial advisor to all three companies, and was responsible for all aspects of the transaction including due diligence, valuations, ascertaining and negotiating merger swap ratios, obtaining shareholders approvals, and the obtaining of all necessary regulatory approvals.
In recognition of Renaissance Capital’s role in the transactions outlined above, the Firm has been mandated to advise on the consolidation of 10 Northwest regional telecom operators and the consolidation of 11 Southern regional telecom operators.These transactions represent a dramatic acceleration of the consolidation of Russia’s entire landline system.
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