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Tele2 Russia Investment Focus To Sharpen As Rostelecom Takes Control

机译：俄罗斯电信（Rostelecom）掌控了俄罗斯Tele2俄罗斯的投资重点

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VTB Bank is to sell its entire stake in Tele2 Russia to state-backed, wireline operator Rostelecom. By increasing its stake from 45% to 72.5%, Rostelecom will become the majority shareholder. The reduction in the number of shareholders will benefit the mobile business, resulting in more straightforward strategic decisions and resources aimed at improving Tele2’s position within the market. This will be key to the cellco remaining a credible competitor to the three incumbents MTS, MegaFon and Beeline. Being the Russian main wireline player, Rostelecom has a clear view of market trends and will use its market insights to direct Tele2’s strategy in a more coherent manner. We expect an increased focus on the enterprise segment and 5G investments as key aspects of Tele2’s future operations, as these segments are growing quickly and present opportunity for revenue growth. Rostelecom’s increased stake will also enable Tele2 Russia to access the resources needed to implement this capital-intensive strategy. The recent expansion of its LTE network has considerably impacted the cellco’s capital expenditure, which grew 78% y-o-y reaching RUB4.4bn in Q318. This means that Tele2 has little room to manoeuvre to invest in the rollout of 5G network on its own. Partnerships and joint deployment of new 5G infrastructure will help the operator not to miss out on the latest technological development. Rostelecom and Tele2 Russia have already tested Internet of Things (IoT) solutions for the energy sector in partnership with Ericsson, paving the way for the future deployment of narrowband IoT (NB-IoT) networks. With the wireline incumbent increasing its control over the cellco, there will be more of these joint activities. A greater focus on expanding Tele2’s footprint in the enterprise segment is crucial, as we expect most 5G-use cases to take place in the business sector. From a financial perspective, Rostelecom reported profit before tax of RUB16.6bn (+21% y-o-y) in 9M18, with the joint venture with Tele2 being one of the main drivers behind this result. Therefore, the wireline incumbent has both a specific interest and the necessary financial means to support the cellco’s expansion.
机译：VTB银行将出售其在俄罗斯Tele2公司的全部股份给国有的有线运营商Rostelecom。通过将其持股比例从45％增至72.5％，Rostelecom将成为大股东。股东数量的减少将使移动业务受益，从而导致更直接的战略决策和资源旨在改善Tele2在市场中的地位。这将是Cellco仍是MTS，MegaFon和Beeline这三大运营商的可靠竞争对手的关键。作为俄罗斯主要的有线公司，Rostelecom对市场趋势有清晰的认识，并将利用其市场洞察力以更连贯的方式指导Tele2的战略。我们预计，Tele2未来业务的关键方面将更加关注企业领域和5G投资，因为这些领域正在快速增长，并为收入增长提供了机会。 Rostelecom不断增加的股份也将使Tele2 Russia能够获得实施这一资本密集型战略所需的资源。 LTE网络的最新扩展对Cellco的资本支出产生了重大影响，该公司的资本支出同比增长78％，在Q318达到44亿卢布。这意味着Tele2几乎没有任何回旋余地来自行投资5G网络的推出。伙伴关系和新5G基础设施的联合部署将帮助运营商不要错过最新的技术发展。俄罗斯电信公司（Rostelecom）和俄罗斯电信（Tele2）已与爱立信（Ericsson）合作，为能源行业测试了物联网（IoT）解决方案，为将来窄带物联网（NB-IoT）网络的部署铺平了道路。随着有线运营商对cellco的控制越来越多，这些联合活动将会更多。至关重要的是，更重要的是扩大Tele2在企业领域的覆盖范围，因为我们预计大多数5G用例将在商业领域发生。从财务角度来看，Rostelecom公布的9M18税前利润为166亿卢布（同比增长21％），其中与Tele2成立的合资企业是该业绩的主要推动力之一。因此，有线运营商既有特殊利益，又有必要的财务手段来支持Cellco的扩张。

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