Sistema Closes Transaction With MTS To Sell Stake In Comstar-UTS
Russia's Sistema Group says that it has completed the sale of a 50.91% stake
in Comstar-UTS to MTS for RUB 39.15 billion (approximately US$1.32 billion). As
the result of this transaction Sistema Group's total shareholding in
Comstar-UTS was transferred to MTS.
The transaction was originally announced in August.
At the time, Mr.
Mikhail Shamolin
, the President and CEO of MTS, highlighted: "There is no doubt that MTS'
markets are changing, and we believe the Comstar acquisition will translate into
the right asset and product mix to realize significant growth in the Russian and
CIS telecommunications markets. Pairing MTS' brand and footprint with Comstar's
product mix and know-how will enable us to deliver wider Internet access,
integrated communications services and innovative solutions to our customers. We
are confident that this deal will allow both companies to meet the challenges
our markets present and seize opportunities to create additional value for our
respective shareholders."
Sistema is the controlling shareholder in both MTS and Comstar-UTS.
Posted to the site on 13th October 2009
