Epic Buys Ukrtelecom Amid Concerns Over Long-Term Plans

Austrian investment group Epic has agreed to acquire a 92.79% stake in Ukraine's state-owned incumbent operator, Ukrtelecom, for US$1.3bn, reports the Financial Times. Epic?s managing partner, Peter Goldscheider, is hopeful the deal will be completed by March 2011 after talks with banks to finance the purchase. The sale of Ukrtelecom, which BMI welcomes, brings to an end a decade long privatisation plan. However, we are concerned about the long term commitment of Epic to the incumbent operator in view of previous statements credited to Goldscheider.

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