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Metromedia completes Georgian purchases

31 May 2007

Metromedia International Group has become the sole owner of Georgian telcos Telecom Georgia and Telenet, by purchased the remaining 74.4% of each company it did not already own. US-based Metromedia paid USD12.6 million for the shares. Telecom Georgia is a provider of local, long-distance and international telephony in Georgia, while Telenet sells internet access and related data communications services. Metromedia also owns a 50.1% stake in Georgian cellco MagtiCom, from which it has just reportedly received a USD20 million dividend. It is not known whether this amount was used to purchase Telecom Georgia and Telenet.

Georgia, MagtiCom, Telecom Georgia, Telenet (Georgia)

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