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Comstar Completes Acquisition of Sochitelecomservice
[August 06, 2007]

Comstar Completes Acquisition of Sochitelecomservice

TMCnet Contributing Editor
 
COMSTAR United TeleSystems, the leading telecommunications operator in Russia and the CIS, has completed the acquisition of Sochitelecomservice. COMSTAR UTS has purchased 100% share capital of the alternative telecommunications operator in the Russian city of Sochi, for a total cash consideration of US$ 0.75 million.
 
Established in 2003, Sochitelecomservice caters to enterprise customers in Sochi, providing them fixed-line telephony services, Internet access and line leasing.  The operator’s clientele include large regional companies, as well as the representative offices of national companies such as OJSC Lazurnaya, Sheksna resort, the Savings Bank of the Russian Federation (Sberbank) and Vneshtorgbank. Sochitelecomservice’s income in 2006 touched US$ 0.4 million.
 
Following the acquisition, the capacity of Comstar's Southern Branch will reach the figure of 16,000 telephone numbers -- a 45% rise over the present capacity. 
 
"The acquisition of Sochitelecomservice reflects our strategy to establish market leading positions for Comstar's regional alternative operator subsidiaries. Comstar's Southern Branch will now become the largest alternative operator in Sochi,” explained Sergey Pridantsev, president and CEO of Comstar UTS, in a statement.
 
“This acquisition will both strengthen our local market position and increase profitability. We will integrate Sochitelecomservice into our Southern Branch, which serves the Sochi representative offices of our Moscow based customers. The combination of the businesses will also accelerate the development of our broadband network and enhance the provision of services in cooperation with our sister Sistema Group companies for projects relating to the XXII Olympic Winter Games to be held in Sochi in 2014."
 
Divya Narain is a contributing editor for TMCnet. To see more of her articles, please visit her columnist page.
 
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