Preliminary estimate of amount of MTS transaction to sell Armenian business is $209.1 mln - report

MOSCOW. March 7 (Interfax) - MTS PJSC sold its business in Armenia in a transaction worth $209.1 million, the company's annual report said.

The deal was announced in January 2024. MTS sold 100% of the shares of MTS Armenia CJSC, as well as the MobiDram CJSC payment system to Cypriot Fedilco Group Ltd. The financial parameters of the deal were not disclosed at the time.

MTS's annual report states that the agreement to sell the asset was signed in December 2023 for cash consideration "in the preliminary estimated amount of $209.1 million."

MTS preliminarily estimated the profit from the sale of the asset as of January 23, 2024 at 18.98 billion rubles, with net cash inflow from disposal of 16.27 billion rubles.