Svyazinvest suspends talks to buy Akado

© RIA Novosti . Ruslan Krivobok  / Go to the photo bankYevgeny Yurchenko
Yevgeny Yurchenko - Sputnik International
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Russia's state-owned telecommunications holding Svyazinvest has suspended talks to buy Akado, a broadband and cable television provider, and expects to restart them after its chairman is replaced, a source familiar with the situation said on Wednesday.

Russia's state-owned telecommunications holding Svyazinvest has suspended talks to buy Akado, a broadband and cable television provider, and expects to restart them after its chairman is replaced, a source familiar with the situation said on Wednesday.

The talks were suspended because of an unfavorable background in Svyazinvest after its Chairman Yevgeny Yurchenko resigned on September 9, the source added.

Yurchenko has said that one of the reasons for his resignation was disagreement over the Akado purchase for $1.2 billion.

Yurchenko also said that only Konstantin Malofeyev, founder of Marshall Capital Partners and member of Svyazinvest's board of directors and Alexander Provotorov, formerly a Marshall Capital employee and now president of Rostelecom long-distance carrier, participated in negotiations, while management of Svyazinvest and CenterTelecom, which would have been the buyer of Akado, did not take part in the talks.

The source told RIA Novosti that Akado's price was considerably lower than the one mentioned by Yurchenko. He said the deal was very lucrative and Svyazinvest had to fight with mobile services firm Megafon, which also wanted to buy Akado.

Local media have said that CenterTelecom, part of Svyazinvest, had signed a letter of intent to buy Akado for $1 billion.

MOSCOW, September 22 (RIA Novosti)

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