Alfa Bank became a partner of Rostelecom in the construction of trunk communication lines
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Partner of Rostelecom (MOEX: RTKM) Alfa-Bank became involved in the project to create a new Trans-Eurasian fiber-optic communication line (FOCL) TEA Next, the company’s press service reported. At the beginning of August, the VEB.RF venture fund VEB Ventures left the Atlas project, established at the end of 2021 for the construction of a communication line.
“As part of the agreements reached, Alfa-Bank received the right to acquire a 49.99% stake in the project company Atlas LLC, operator of the TEA NEXT project,” it says message press service of Rostelecom.
Rostelecom and VEB Ventures created joint project “Atlas” for the construction of trunk communication lines in Russia at the end of 2021. Atlas planned to lease fiber-optic lines to communications organizations and for transit between Europe and Asia. The total cost of the project, which should be completed by 2025, is about $650. Construction of the 560 km first phase of TEA Next was completed at the end of 2022.
In August, VEB Ventures withdrew from the project to build a backbone fiber-optic communication line. Kommersant’s interlocutor, familiar with the situation, noted that the parties made this decision “on mutually beneficial terms.” According to a Kommersant source, VEB.RF is considering the possibility of project financing for Atlas.
Read more in the Kommersant article. “VEB.RF has disconnected from communication”.
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