ER Telecom eyes sale

Russian telco ER Telecom is looking to sell a stake in the company to fund continued regional expansion, according to local reports.

ER Telecom has reportedly sent an invitation to buy shares to a number of investment banks. The telco had planned an IPO for the end of 2009 but the financial crisis prevented them from doing so. At the time, it had hoped a public listing would attract US$100m-300m (€73m-219m).

The company is estimated to be valued at approximately US$460m.