­The Telekom Austria Group is buying 30% of SB Telecom, the sole owner of the Belarus based mobile network Velcom, for US$459.01 million. The deal is part of a put option agreed between the two companies when Telekom Austria brought its 70% stake in SB Telecom in October 2007.

Settlement will take place within 10 business days and the transaction will increase the Telekom Austria Group’s stake in Velcom to 100% .In addition, a US$339.39 million  portion of the total performance based deferred consideration of US$431.60 million is payable on October 4, 2010 as predetermined performance criteria have been fulfilled. The next evaluation date for the settlement of the remaining US$89.74 million of the performance related deferred payment will take place in Q1 2011.

Final settlement of the performance related consideration is not to be expected before Q1 2012.