RusTele.com

MTS completes Comstar stake acquisistion

MOSCOW, Oct 13 (Reuters) - Russia's top mobile phone operator, MTS , said on Tuesday it has completed the acquisition of a 50.9 percent stake in fixed-line provider Comstar for 39.15 billion roubles ($1.32 billion). The deal mirrors a 2008 acquisition by MTS's main rival, Vimpelcom , of fixed-line provider Golden Telecom, which created the first integrated fixed-to-mobile telecom operator in Russia and former Soviet Union states.
The moves aim mainly to boost the mobile firms' exposure to fast-growing and underdeveloped broadband internet market at a time when mobile phone penetration in Russia nears 140 percent and data transfer displaces voice as the main driver of sales.
MTS bought the stake from services conglomerate Sistema -- the parent of both the companies -- for 184.02 roubles per share, and has yet to decide whether to buy the remainder through a non-obligatory buyout offer to minority shareholders. ($1 = 29.59 roubles)