IDT Closes Sale of Russian Telecom Business

//March 3, 2006//

IDT Closes Sale of Russian Telecom Business

//March 3, 2006//

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Corbina Telecom sold for $146 million.Telecommunications and entertainment company IDT (NYSE: IDT) in Newark has completed the sale of its Corbina Telecom business for $146 million to a group of private and institutional investors led by Renova Capital in Moscow.

Corbina Telecom is a Russian telecommunications operator. The company generated $64.3 million in revenue for its fiscal year ended July 31, 2005. Corbina offers its services in 24 industrial areas in Russia.

IDT acquired Corbina in 2000 for its IDT Telecom subsidiary. It announced the deal with Renova last November. Shares of IDT were up a penny to $12.01 in morning trading.