VTB Group likely to buy Tele2 Russia for $2.4 billion

The Russia-based VTB Group which offers banking and financial services is likely to buy Europe-based mobile operator Tele2 Russia for $2.4 billion.

Currently, Tele2 has about 23 million subscribers in Russia. The total transaction is expected to be worth $3.55 billion, out of which $2.4 billion will be the cash component for equity value and $1.15 billion will be in net debt.