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Comstar shareholders approve Svyazinvest stake sale conditions

Russian service provider Comstar-UTS’s shareholders have approved additional conditions to its agreement to sell a 25% plus one share stake in Svyazinvest to Rostelecom.

An EGM of Comstar shareholders approved a supplementary agreement to the sale and a series of related transactions reflecting the interdependence of the sale of shares in Svyazinvest and the closing of a share-swap agreement of Moscow city network provider MGTS and internet service provider SkyLink, entered into between Svyazinvest and Comstar’s owner Sistema’s Sistem-Inventure arm.

In May, Comstar, MGTS and Rostelecom agreed the sale of Comstar’s stake in Svyazinvest for RUB26bn (€630m). The closing of that transaction is not subject to conditions including the swap of Svyazinvest’s stake in MGTS for Sistema-Inventure’s stake in SkyLink.