Russia’s Sistema eyeing ArmenTel

5 Jun 2006

Russia’s Sistema Group has submitted a tender offer to acquire Armenian fixed line operator ArmenTel, the company’s chairman Vladimir Yevtushenkov told journalists today. Although Sistema does not consider the purchase a strategic priority, the company says the acquisition would make sense from the point of view of expanding to cover all former Soviet Union countries. ArmenTel is the dominant telecoms company of Armenia. OTE of Greece holds 90% of its shares, while 10% belongs to the Armenian government.

Armenia, Team Telecom Armenia (formerly Beeline)