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Golden Telecom acquires Corus ISP for $1.2M
November 21, 2006
MOSCOW -- Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NASDAQ:GLDN - News) announces the acquisition of a 100% interest in ZAO Corus ISP ("Corus ISP") for US $1.2 million. Corus ISP is an alternative telecommunications services provider in Ekaterinburg, the fifth largest and dynamically growing city in Russia.
Corus ISP is one of the pioneers of Internet services in Ekaterinburg, presently focusing on broadband access for corporate clients, with its market share estimated at approximately 7%. Corus ISP has an extensive network in central Ekaterinburg, with approximately 29 km of owned and leased channels, and more than 120 points of presence.
Golden Telecom has provided services to its clients in Ekaterinburg for more than 10 years. Scope and quality of operations were enhanced dramatically when in August 2004 ZAO TeleRoss-Ekaterinburg, OOO UralRelcom and the Ekaterinburg branch of Combellga were merged into the Ekaterinburg branch of Golden Telecom. Successful integration of these companies enabled Golden Telecom to offer a wide range of telecommunication products and services. Today, the Company is the leading provider of broadband access services, local and zonal telephone services, data communication, and corporate networks development. The Company estimates that it has approximately 26% of the corporate market and over 10% of the total fixed-line market in Ekaterinburg.
This acquisition will place Golden Telecom in the center of Ekaterinburg's communications market due to Corus ISP's network infrastructure and existing business clients, thus increasing the Company's Ekaterinburg market share in the corporate segment to approximately 33%.
Commenting on this acquisition, Mr. Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, noted, "We acquired Corus ISP to further our regional expansion and speed the development of broadband services for corporate and residential clients in Ekaterinburg. We look forward to providing complementary Internet, data, and voice services which will strengthen our presence in this growing regional market."
Golden Telecom Inc.
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