The deal brings to a conclusion Mr Soros's involvement in what he once called the "worst investment of my life". He joined a group of investors who paid $1.8 billion for a stake of 25 per cent plus one share in Svyazinvest when it was privatised in 1997.
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Soros Sheds 'Worst Investment of my life'
George Soros plans to sell his stake in...
George Soros plans to sell his stake in Svyazinvest, the Russian state-controlled telecoms holding company, to a local investor, drawing a line under one of the Hungarian-born investor's worst investments and triggering a shake-up in the sector.
The stake is believed to have been sold for between $600 and $700 million to Access Industries, a company controlled by Len Blavatnik, a Russian investor who is also a shareholder in BP-TNK, the oil company.
The deal brings to a conclusion Mr Soros's involvement in what he once called the "worst investment of my life". He joined a group of investors who paid $1.8 billion for a stake of 25 per cent plus one share in Svyazinvest when it was privatised in 1997.
Shareholders in Mustcom, a holding company two-thirds owned by Mr Soros, have yet to vote formally on the transaction, but it is almost certain to be approved, according to one Moscow-based banker.
The deal brings to a conclusion Mr Soros's involvement in what he once called the "worst investment of my life". He joined a group of investors who paid $1.8 billion for a stake of 25 per cent plus one share in Svyazinvest when it was privatised in 1997.
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