Mobile TeleSystems (MTS), a leading telecommunications provider in Russia and the CIS, will buy Sistema Telecom, the telecom's division of financial group Sistema, which owns all of the mobile operator's egg logotype brands, for $380 million, Kommersant business daily quoted two sources familiar with the situation as saying on Monday.
The board of directors of Sistema will consider on Monday the issue of selling Sistema Telecom to MTS, 52.8% of which belongs to Sistema, the sources were quoted as saying.
The deal will allow MTS, whose logotype is a white egg on a red background, to consolidate 100% of TS Retail, which owns certain mobile stores under the MTS brand and 45% of which belongs to Sistema Telecom.
Since Sistema Telecom also has about $60 million in debts, the deal may amount to $440 million.
Sistema and MTS declined to comment on the deal.
MOSCOW, November 15 (RIA Novosti)
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The main event of the third day of the 11th meeting of the Valdai International Discussion Club in Sochi was the closing session with President Vladimir Putin. The atmosphere was calm and open, despite the current political tensions and the Russia-West confrontation. The Russian president said that it corresponded to the spirit of the Valdai Club.