SMARTS may sell up in 2007

6 Dec 2006

The current owners of Russian cellular operator SMARTS say they may sell the firm in the new year. Local newspaper Kommersant reports quotes SMARTS general director Andrei Girev who says that the company has already received offers for the business, with one offer being more attractive than the others. The cellco is valued at between USD650 million and USD750 million. Its existing shareholders include company executives Gennady Kiryushin, who controls more than 80%, and Boris Skvortsov, with 15%, while state-backed telco VolgaTelecom holds around 3%. Prime Tass reports that SMARTS expects its shares to be unfrozen early next year following legal challenges from the investment company Sigma which has laid claim to more than 50% of SMARTS’ shares.

Russia, SMARTS Group