Roman Abramovich's Truphone is being sold for about $1 to two European entrepreneurs, a report says.
The company had been worth $512 million in 2020, according to The Times.
A British telecoms company owned by Roman Abramovich is being sold to two European tech entrepreneurs for about $1, The Times reported.
Truphone, valued at $512 million ($410 million) in 2020, has received almost $375 million of investment from Abramovich and two business partners, Alexander Abramov and Alexander Frolov.
Truphone hired the advisory firm FRP in April to review its "strategic options" following the sanctions imposed on the former owner of Chelsea FC.
The $5.3 billion deal was finalised last month to a group led by LA Dodgers co-owner Todd Boehly and the investment firm Clearlake.
Abramovich was once one of Russia's richest oligarchs , worth an estimated $14 billion, but his wealth has nearly halved due to western sanctions. »