Russian fixed-line operator Comstar-UTS and its subsidiary MGTS Finance have finalised the sale of a 25% stake plus one share in telecoms holding Svyazinvest to Rostelecom for Rbs26bn (E622m).
Simultaneously, Sistema, Comstar-UTS’ parent company, paid…
Russian fixed-line operator Comstar-UTS and its subsidiary MGTS Finance have finalised the sale of a 25% stake plus one share in telecoms holding Svyazinvest to Rostelecom for Rbs26bn (E622m).
Simultaneously, Sistema, Comstar-UTS’ parent company, paid Svyazinvest Rbs450m (E11m) as part of the agreement to exchange MGTS shares for Sky Link shares.
But Svyazinvest’s transfer of 28% of MGTS ordinary shares to Sistema in exchange for Sistema’s 50% ordinary shares in Sky Link is yet to be completed. As a result of the transaction, Svyazinvest will in fact own 100% of Sky Link as the other 50% stake is held by a subsidiary of Sky Link.
In addition, Sistema’s sale of Sky Link’s shareholder debt and the debt of Skylink’s subsidiaries’ to Svyazinvest’s subsidiaries has still to be done.
Comstar-UTS will use the proceeds of the sale to repay Rbs26bn worth of debt to Sberbank.
Sistema, Comstar-UTS and Svyazinvest signed a memorandum of understanding for the transaction in November 23, 2009.
