RUS: MTS gets fixed SP for £779m

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Russian network MTS has acquired fixed-line service provider Comstar United Telesystems.

MTS bought a 50.91 per cent stake in the fixed-line firm from Russian telecoms and media provider Sistema for $1.272 billion (£779m).

MTS said the acquisition provides the network with access to growth markets in commercial and consumer broadband.

MTS president and chief executive Mikhail Shamolin said: “MTS’ markets are changing, and we believe the Comstar acquisition will translate into the right asset and product mix to realise significant growth in the Russian and CIS 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.”

 

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