IDT Corporation Announces Completion of Sale of Corbina Telecom; IDT Consummates Divestiture of Its Russian Telecom Business
March 03 2006 - 7:30AM
Business Wire
IDT Corporation (NYSE: IDT, IDT.C) today announced that it has sold
its Corbina Telecom business to a consortium of institutional and
private investors headed by Renova Capital, for approximately $146
million (U.S. Dollars). Corbina operates a licensed full-service
telecommunications business in Russia, offering a broad range of
services throughout the 24 largest industrial areas in the Russian
market. Deutsche Bank advised IDT on the sale. IDT Corporation,
through its IDT Telecom subsidiary, is a facilities-based,
multinational carrier that provides a broad range of
telecommunications services to retail and wholesale customers
worldwide. IDT Telecom, by means of its own international
telecommunications backbone and fiber optic network infrastructure,
provides its customers with integrated and competitively priced
international and domestic long distance and domestic all-distance
telephony and prepaid calling cards. IDT Entertainment is the IDT
subsidiary that is focused on developing, acquiring, producing and
distributing computer-generated and traditionally animated
productions and other productions for the film, broadcast and
direct-to-consumer markets. IDT Capital is the IDT division
principally responsible for IDT's initiatives in radio
broadcasting, brochure distribution and new technologies.
Net2Phone, Inc., a subsidiary of IDT Corporation, is a provider of
high-quality global retail Voice over IP services and offers a
fully outsourced cable telephony service to cable operators
allowing cable operators to provide residential phone service to
their subscribers. IDT Corporation's Class B Common Stock and
Common Stock trade on the New York Stock Exchange under the ticker
symbols "IDT" and "IDT.C," respectively. Important Note: In this
press release, all statements that are not purely about historical
facts, including, but not limited to, those include the words
"believe," "anticipate," "expect," "plan," "intend," "estimate,"
"target" and similar expressions, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. While these forward-looking statements represent IDT's
current judgment of what may happen in the future, actual results
may differ materially from the results expressed or implied by
these statements due to numerous important factors, including, but
not limited to, those described in IDT's most recent report on SEC
Form 10-K (under the heading "Management's Discussion and Analysis
of Financial Condition and Results of Operations"), which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K and other filings IDT may make with the SEC.
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