Russian CDMA Operator Buys Out Qualcomm Stake

MOSCOW, June 22 (Prime-Tass) -- Russian CDMA mobile operator Sky Link has increased its stake in mobile operator Personal Communications, or PeCom, to 100%, Sky Link said in a press release Thursday.

Sky Link operates in the Moscow Licensed Area (MLA) through two subsidiaries, PeCom and Moscow Cellular Communications.

Moscow Cellular Communications bought a 7.5% stake in PeCom from Qualcomm, Sky Link said, without providing the financial details of the deal. Sky Link held the remaining 92.5% stake prior to the purchase.

Sky Link said that in the future it planned to consolidate the two subsidiaries.

As of June 22, Sky Link had 170,000 users in the MLA.

Sky Link was set up in July 2003 to promote the IMT-MC-450 standard, or CDMA2000 for the 450MHz frequency band, in Russia. Sky Link operates in 19 Russian regions and has a license that covers 65 of Russia?s 89 regions where 104 million people reside, or 72% of Russia?s total population.

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Posted to the site on 22nd June 2006