Sistema may sell MTT; Synterra circling

23 Jul 2008

The Russian industrial conglomerate AFK Sistema is reportedly considering the sale of its 50% stake in long-distance operator Multiregional TransitTelecom (MTT), clearing the way for a takeover by local telecoms firm Synterra, Reuters reports. The owner of the remaining 50% stake, Danish businessman Jeffrey Galmond, has already indicated that he is willing to sell. Sistema’s 50% interest is thought to be worth around USD400 million. MTT claims a 6.8% share of the Russian domestic and international long-distance market, with revenues of over USD1 billion in 2007.

Russia, Multiregional Transit Telecom (MTT), Synterra