Rostelecom to sell its share in Sovintel

Rostelecom and Golden Telecom, the two owners of the Russian overlay network Sovintel, have announced that they have signed a memorandum of understanding. For its share in Sovintel Rostelecom will receive $52 million, a 15 percent share in Golden Telecom and a seat on its board of directors. Once the deal is complete at the beginning of 2002, Sovintel will be merged with TeleRoss and its general director Alexander Vinogradov will become an executive director of Golden Telecom.

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