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Articles & publications
21.05.2010
Comstar-UTS signs an agreement on the sale of a stake in Svyazinvest to RostelecomInterfax
Comstar-UTS has signed an agreement on the sale to Rostelecom (RTS: RTKM) of a 25% + 1 share stake in Svyazinvest for RUR 26 bln, according to a statement issued by Comstar.
The proceeds derived from the sale will be used to pay off Comstar-UTS’s RUR 26 bln debt to Sberbank.
The agreements signed by both parties are in line with a Memorandum of Intentions that was signed on November 23, 2009 between Comstar, AFK Sistema (RTS: AFKS) and Svyazinvest.
The conditions for execution of the agreements, include, among others, receiving approvals from the authorized regulatory agencies for all parties to the transaction, receiving the required approvals from the authorized state agencies, including the Federal Anti-Monopoly Service, as well as concluding an agreement between AFK Sistema and Svyazinvest as a result of which Svyazinvest would become the owner of 100% of the charter capital of Sky Link, while AFK Sistema would acquire 23.33% of the charter capital of MGTS (RTS: MGTS).
At present, Comstar owns 69.93% of the charter capital of MGTS.
As reported earlier, Ernst & Young appraised the value of the MGTS stake at RUR 9.7 bln, while Sky Link is worth RUR 9.4 bln.
Thus, the additional payment on the part of Sistema should amount to RUR 300 mln.
The asset swap agreement of telecommunications assets between the state and AFK Sistema, as a result of which the Russian government should regain its status as the sole shareholder of Svyazinvest, while Vladimir Evtushenkov’s holding would have its debt to Sberbank written off as well as a large minority shareholder in MGTS (which is Svyazinvest) was approved by the government in September.
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