VTB said it took the undisclosed stake in order to help Tricolor TV increase value of its assets and prepare it for an stock market flotation.
“We believe its strong market position and countrywide footprint will enable the company to capitalise on opportunities in rapidly growing Russian pay-TV market and successfully complete IPO in the next few years,” said VTB Capital’s Global Head of Private Equity Tim Demchenko.
He added that the investment fitted into VTB Capital’s strategy of investing in consumer-related industries in Russia.
Tricolor TV claims to be Russia’s largest satellite TV operator and one of the largest pay TV operators in Europe with 12.4 million registered subscribers and 9.12 million paying subscribers as of last month.
VTB Group was set up in 2008 and is one of the three strategic business arms of VTB Group alongside its corporate and retail business. VTB Group is best known for owning Russia’s VTB Bank.
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