MTS share buy back to ease route for acquisition

29 Aug 2008

Russia’s largest cellular operator by subscribers Mobile TeleSystems (MTS) has announced it will purchase around 37.8 million shares at a cost of RUB11.1 billion (USD451.2 million) from shareholders opposed to a takeover of smaller rival SMARTS. SMARTS offers services to just over four million subscribers in the Volga region and has been estimated to be worth up to USD1.5 billion. MTS’s share buyback should be completed by 10 September.

Russia, Mobile TeleSystems (MTS)