Mobile TeleSystems OJSC announces that it has acquired 100% of Bashcell, a mobile phone operator in Russia’s Volga region
December 18, 2007
MOSCOW -- Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that it has acquired 100% of Bashcell, a mobile phone operator in Russia’s Volga region.
MTS acquired a 100% stake in Bashcell from Bashneft and local private companies for $38 million, a sum that includes the assumption of $32 million in debt.
“The acquisition helps MTS to further solidify its leading position in Bashkortostan by increasing its market share to 39%. The Company is continuing to execute on its 3+2 strategy in particular consolidation of the Russian mobile phone market and expansion of operations in the regions,” commented Mr. Mikhail Shamolin, Head of MTS Russia.
Mobile TeleSystems OJSC (MTS) (NYSE: MBT)
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