MegaFon pays 720 mln rubles for owner of 5G frequencies
MOSCOW. April 28 (Interfax) - PJSC MegaFon will pay 720 million rubles to acquire 100% of Neosprint LLC, the Russian mobile services provider reported.
MegaFon's board of directors approved the purchase of a 100% stake in Neosprint, which owns the third largest amount of 3.4 GHz-3.6 GHz frequency spectrum in Moscow, at the beginning of April.
This spectrum is "in high demand for the rapid deployment of 5G networks in Moscow," and MegaFon "plans to utilize the spectrum in June of this year to deploy test 5G networks in stadiums hosting the 2018 World Cup games in Moscow," the company said.
MegaFon said it will pay 70% of the total consideration of 720 million rubles by May 7, and the remainder three months later, "after any required adjustments."
Neosprint is a wired communications operator, according to the SPARK-Interfax system. The company's shareholders are its CEO Miron Pavlishin with 23%, Yury Kobets with 23%, Vitaly Kobzar with 10%, and hotel services company Randevu LLC.