MegaFon seals Synterra purchase

1 Mar 2010

According to a report by Reuters, Russian cellco MegaFon has completed the USD710 million buyout of wireless broadband operator Synterra in a move designed to speed up expansion of its broadband business. Sergei Soldatenkov, MegaFon’s director general, said: ‘Synterra is very important for us for its backbone network and corporate clients.’ At the end of July 2009, MegaFon was cleared by the Federal Anti-monopoly Service (FAS) to buy 100% of Synterra’s shares and on 25 February 2010 the cellco’s board met to approve the acquisition of the telco, which operates the second largest backbone network in Russia and also owns a controlling stake in a number of wireline operators, such as St Petersburg-based PeterStar.

Russia, MegaFon, PeterStar, Synterra