Telecom provider owned by Abramovich, partners to be sold to European entrepreneurs for GBP1 - paper

WASHINGTON. June 6 (Interfax) - Truphone, the UK telecom group owned by Russian tycoon Roman Abramovich and his partners, will be sold to two European entrepreneurs for GBP1, the Financial Times reported.

The decision to sell Truphone is due to the sanctions imposed against Abramovich by the UK and European authorities, the paper said.

The new owners will be German businessman and cofounder of online used car sales platform Auto1 Hakan Koch and his business partner Pirros Koussios, a former telecom executive and private investor. They will get 90% and 10% of the company, respectively, the paper said.

The deal is expected to be closed in June, the paper said.

Truphone sells contracts to corporate clients, including banks, that require access to a secure network and no roaming fees for employees.