Rostelecom intends to commit first purchase abroad. According to the newspaper Kommersant, a Russian company plans to buy 75% minus 1 share of Armenian main operator GNC-Alfa. In addition, plans “Rostelekom” buying Internet provider Ucom, that GNC-Alfa would provide Russian company at least 13% of the market for broadband access (BROADBAND) in Armenia.
A source close to the Board of Directors “Rostelekom” of stated that the buyer of the asset will be 100-percent “daughter” Teleset Networks operator Cyprus Ltd, it will redeem 75% minus 1 share Filor Ventures Ltd, which owns 100% GNC-Alfa, for $ 22.5 million. That is the whole ‘ valued at $ 30 million. Alternative purchase a similar package, but directly to the GNC-Alfa. The remaining 25% and 1 action Filor or company within the call option can be redeemed Teleset later.
“Transit traffic from the Gulf to Europe is a very promising direction. Part of the path goes through Armenia, and buying local main operator must strengthen the position of “Rostelekom”, “said a source close to the operator. In addition, according to him, GNC-Alfa is a good support network that will promote the company and rapidly growing BROADBAND market of Armenia. The volume of the market of Armenia is estimated on the basis of SAP 2011, nearly $ 40 million.
GNC-Alfa now share in the BROADBAND market is about 2%. But it is possible that, in future, ROSTELECOM may become the largest independent ISP Ucom (11% of the BROADBAND market in Armenia, 19.5 thousand subscribers forecast by revenue for the year 2011-$ 5.3 million), said the newspaper source, i.e. the proportion of “Rostelekom” of BROADBAND market of Armenia would be approximately 13%.
GNC-Alfa owns a fiber-optic communication line (FOCL) of 1.5 thousand. km and is the largest independent local main market player. Revenue in the year 2011, according to preliminary data, the $ 12 million, EBITDA-$ 5.8 million.
