The board of directors of Russian operator Comstar UTS has approved the sale of its 25%+1 share stake in Svyazinvest for Rbs26bn (E686m).
Comstar will use the proceeds to pay down its Rbs26bn debt to Sberbank.
In addition to receiving all necessary…
The board of directors of Russian operator Comstar UTS has approved the sale of its 25%+1 share stake in Svyazinvest for Rbs26bn (E686m).
Comstar will use the proceeds to pay down its Rbs26bn debt to Sberbank.
In addition to receiving all necessary approvals, the closing will depend on the completion of an exchange transaction whereby Svyazinvest will hold 100% of SkyLink and Comstar UTS’ parent company AFK Sistema will acquire a 23.33% stake in Moscow City Telephone Network (MGTS).
Comstar currently owns 25% plus one share of Svyazinvest and a 69.93% stake in MGTS. Svyazinvest owns a 23.33% stake in MGTS and a 38% stake in Rostelecom (50.67% of the voting shares).
Svyazinvest owns a 38% stake in Rostelecom.