Telekom Austria Group Finalizes Acquisition of Velcom

Posted by | Filed under Business | Oct 6, 2010 | Tags: , , | No Comments

On October 4, 2010 Telekom Austria Group (VSE: TKA, OTC US: TKAGY) announced that it became the sole owner of one of the largest mobile operators in Belarus. It acquired the final 30%-stake in the company from its previous owner Samauwi Brothers Telecom (SB Telecom Ltd.) for EUR 335.0 million.
In addition, a EUR 247.7 mn portion of the total performance based deferred consideration of EUR 313.3 mn is payable on October 4, 2010 as predetermined performance criteria have been fulfilled. The next evaluation date of the settlement of the remaining EUR 65.6 mn of the performance related deferred payment will be Q1 2011. Final settlement of the performance related consideration is expected not earlier than Q1 2012.
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