Mergers and Acquistions News
Categories: Telecoms
April 2nd 2009, 15:07PM
Mobile TeleSystems has announced it has acquired a 100 per cent stake in the Eldorado mobile phone retail chain from Tenteco and Kilcherex Holdings, both based in Cyprus.
The deal represents a transaction of $22.85 million (£15.6 million) of which $5 million will be paid after 12 months only if the retail chain satisfy certain performance criteria.
Eldorado Centr LLC and Eldorado Communications Store comprise the Eldorado retail chain, operating in 383 stores in 153 cities in Russia.
The chain will be operated by RTK CJSC a company wholly owned by MTS and charged with managing MTS' retail network.
"Adding the Eldorado mobile phone retail chain to our existing retail network will allow us to serve our customers more effectively and carry through on our promise of a unique customer experience," said Mikhail Gerchuk, chief commercial officer of MTS.
MTS is the largest mobile phone operator in Russia, with over 90 million subscribers.
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