Telekom Austria Group is buying up the remaining 30% share in the Belarusian mobile operator Velcom to be the only owner of the Belarusian company, Velcom’s representatives told BelTA.

Telekom Austria Group will spend €335 million including percents to buy 30% of the shares SB Telecom Limited owns within the next ten days. In October 2007 Telekom Austria Group (TAG) bought a 70% share from SB Telecom Limited (Velcom’s only owner at that time) for €730 million.

Telekom Austria Group plans to use proprietary funds to buy the 30% share in Velcom. No borrowed funds will be used. The acquisition of Velcom underlines the importance of the Belarusian company for Telekom Austria Group. Velcom will benefit a lot from being part of Telekom Austria Group, believes SB Telecom CEO for Velcom Helmut Duhs.

Velcom was founded in July 1998 as a joint Belarusian-Cyprian company Mobile Digital Communications. On 22 August 2007 the company’s name changed to the foreign private unitary enterprise Mobile Digital Communications after Cyprus’ SB Telecom Ltd. acquired the state share in Velcom. In October 2007 Telekom Austria Group reached an agreement on purchasing a 70% share in SB Telecom Ltd. On 15 May 2008 Velcom’s name changed to what it is now.