VTB Group has finalized the acquisition of Tele2 Russia from Swedish Tele2 AB.

      To gain full control of Russia's fourth largest telecom provider, VTB paid $2.4bn in cash and accepted liabilities worth $1.15bn.

      VTB is now rumoured to be looking to set up a joint venture with Rostelecom.

      According to Vedomosti, the banking group has been in talks with billionaire Arkady Rotenberg, a co-owner of Rostelecom.