Russian state technology agency Rostec could acquire Akado, one of the largest internet providers in the Moscow region, from Maksim Mayorets (51%) and Renova Holding of Viktor Vekselberg (49%), Vedomosti and Kommersant dailies reported on May 13 citing unnamed sources.
Reportedly, Rostec plans to acquire either 51%, 75% or 100% in Akado. Renova could retain from 49% to 24% in the company. Akado is reportedly valued at RUB5bn, not accounting for debt, and RUB17bn ($230mn) with debt.
In 2020 Akado was fourth largest broadband internet provider in Moscow with about 0.3mn households. The company is also one of the largest providers of digital services to the city council and other municipal institutions.
Analysts surveyed by Vedomosti believe that Rostec is interested in Akado's B2B and B2G portfolio, as well as the smart city internet of things (IoT) solutions it develops.
Vedomosti also reminds that previously Akado was eyed by another state major, integrated telecom company Rostelecom, when it was valued at RUB32bn in 2017. Other bidders included ER Telecom Holding that applied for anti-monopoly clearance for Akado acquisition back in 2014 at a reported valuation of $650mn-$700mn.
In 2020 Akado posted RUB327mn losses from revenues of RUB9bn, after RUB3.7mn losses in 2019.
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