Russian service provider Comstar-UTS has struck a deal with telco Rostelecom whereby the former has agreed to sell its 25% stake plus one share in Svyazinvest to fixed-line market leading telco Rostelecom for over RUB26bn (670m).
The deal is part of a complex ongoing series of transactions. Currently, Comstar owns 25% plus one ordinary share in Svyazinvest, the operator of a number of networks in Russia, and 69.93% in Moscow city network operator MGTS. Svyazinvest in turn owns 23.33% of MGTS and 38% of Rostelecom (or 50.67% of voting shares).
The deal between Comstar and Svyazinvest is subject to regulator approval and to the successful conclusion of a barter deal between ComstarÂs parent company Sistema and Svyazinvest, through which the latter will take 100% control of wireless operator Sky Link while Sistema will acquire SvyazinvestÂs stake in MGTS.