Rostelecom secures Olympic contract

Russia’s Rostelecom has secured the right to become a leading sponsor at the Winter Olympic Games in the town of Sochi in 2014.

According to Kommersant, the company, which is Russia’s national telco and a major provider of services to the TV industry, beat off competition from Comstar, MTS, VimpelCom and MegaFon with a bid of $170 million (€129.9 million).

It is now understood that it may enter in agreement with MegFon to share the costs. Rostelecom lists Svayzinvest as a 51% shareholder and accounts for around 84% of the Russian telco market.