8 Oct 2009 20:01

Sistema shareholders approve sale of controlling stake in Comstar to MTS

MOSCOW. Oct 8 (Interfax) - Shareholders in AFK Sistema approved the sale to Mobile TeleSystems (MTS) of a 50.91% stake in Comstar UTS.

Sistema will receive $1.272 billion from its subsidiary, or $5.98 per share, in cash. The deal should be completed before the end of October.

Sistema reckons to realize synergies from the deal in excess of $330 million.

After acquiring a controlling stake, MTS will most likely make an offer to minority shareholders in Comstar, Sistema's chief owner, Vladimir Yevtushenkov told Interfax.

Under Russian law, MTS is not obligated to offer to purchase shares from minority shareholders since the ultimate owner of the stake has not changed.