Mergers and Acquistions News
Categories: Telecoms, Software
July 16th 2010, 19:22PM
Russia's largest mobile phone operator, Mobile Tele Systems (MTS), has acquired internet and TV provider Multiregion.
The price of the deal is valued at $123.5 million (£80.3 million).
MTS, part of the consortium Sistema, now has a 100 per cent stake in the broadband company.
It will also take on debts valued at around $94.4 million (£61.3 million).
Multiregion is a group of broadband and cable TV providers. It has around 700,000 cable TV subscribers, 260,000 broadband subscribers, and operates in 37 cities in Russia.
Chief executive of MTS, Mikhail Shamolin, said the investment signalled the company's desire to expand in the market.
"The acquisition will significantly enhance our position in the rapidly growing broadband and cable TV markets in the Russian regions," he said.
It is believed that Russian mobile operators are targeting rapid development strategies in this fast-growing market.
In 2008, Sistema entered into a joint venture with India's Shyam group.
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