Golden Telecom completed acquisition of Direct Net business
02 Jul 2007

MOSCOW, Russia (July 02, 2007). Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), announces that it has completed the acquisition of 3C Russia including its associated companies – Direct Net, Satcom-Tel and telecommunication assets and customer base of NDNT Inc. and NDNT (UK) Ltd.

Golden Telecom gained full control over the corporate telecommunication business of 3C in Russia including 100% of the shares in ZAO Direct Net, 100% of the shares in OAO Satcom-Tel and telecommunication assets and customer base of both NDNT Inc. and NDNT (UK) Ltd for cash consideration of approximately US $2 million. In 2006, the revenues associated with the acquired assets were approximately US $4.8 million, in accordance with US GAAP.

Golden Telecom Inc.

Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Golden Telecom, Inc., Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia , the CIS and other promising emerging markets.

Golden Telecom Inc. is a leading independent  fixed-line communications operator in Russia. The company provides, via its own infrastructure, complex telecommunications and internet services in Russia and several CIS countries. Listed on US NASDAQ. In Q1 2008, VimpelCom acquired 100% of the oustanding share capital of Golden Telecom.

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