Rostelecom to acquire a 50.1% stake in LUKOIL-INFORM.

Rostelecom, a long-distance telephony provider, agreed to acquire a 50.1% stake in LUKOIL-INFORM, a wholly-owned subsidiary of the Company which provides telecommunication and IT support services to Russian-based entities of the LUKOIL Group. The concluded agreements provide for sale of the remaining 49.9% share in LUKOIL-INFORM to Rostelecom in 2023. Financial terms were not disclosed. “The acquisition of LUKOIL’s telecommunications business will strengthen our proposition for corporates. The wider synergy effects of this fusion will yield new opportunities for collaboration with the largest oil and gas major, including in the area of IoT technologies. We have already started to explore new innovation projects and are looking forward to learning from colleagues at LUKOIL to further strengthen our digital skills that the oil and gas sector will benefit from," Anna Shumeiko, Senior Vice-President, Rostelecom Chief of Staff and President.