Cleary Gottlieb represented OJSC Rostelecom, Russian national telecommunications operator, in its corporate reorganization in the form of the merger into it of OJSC Svyazinvest, the holding company for the largest Russian state-owned telecommunications group, as well as 20 other joint-stock companies directly or indirectly controlled by Rostelecom or Svyazinvest. The reorganization was completed on October 1, 2013.
As a result of the reorganization, the Russian Federation, represented by the Federal Property Management Agency, together with Vnesheconombank, a Russian state corporation, now own more than 50% of Rostelecom’s ordinary shares.
That completed the second stage of Rostelecom’s corporate reorganization initiated by a decree of the Russian President in 2012. This reorganization enables Rostelecom to eliminate cross-ownership and simplify the shareholder structure of its group of companies.
