MTS acquires 50.91% stake in Comstar UTS for $1.27 billion
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JSTKY | Quote | Chart | News | PowerRating -- Russian mobile phone operator Mobile TeleSystems has paid $1.27 billion for a 50.91% stake in landline operator Comstar United TeleSystems from Russian public diversified financial corporation JSFC Sistema.
MTS said Comstar UTS will give it access to important growth markets for commercial and residential broadband. It said it will also provide a foundation for the development of content platforms and services.
Mikhail Shamolin, president and chief executive at MTS, said: "There is no doubt that MTS's 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's 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."
MTS had received approval for the acquisition in June from the Federal Anti-Monopoly Service.
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