PeterStar deal ahead of schedule

29 Jul 2005

Metromedia International Group says it will close the sale of PeterStar, its local exchange carrier in St Petersburg, Russia, on 1 August, a week ahead of schedule. The telco is being sold to a consortium including Emergent Telecom Ventures, First National Holding and Pisces Investment for USD215 million. Once complete, Metromedia’s sole telecoms assets will be its holdings in the Republic of Georgia. PeterStar began operations in October 1992 through an initiative of the Leningrad City Telephone Network. It is one of the largest alternative operators in North West Russia and its primary customer base is the business market which accounts for 70% of all users.

Russia, PeterStar