Mobile operator MTS – not the only contender for “Comstar UTS”, offer its shareholders prepares telecommunications holding Svyazinvest, “writes on Tuesday the newspaper” Vedomosti “.
On the proposal of “Svyazinvest” known to top managers of a large telecommunications company and the manager of the company – a shareholder “Comstar”. Details are not known. Purchase “Comstar” occupying a leading position in Moscow, in line with the strategy “Svyazinvest”, which is now being developed – to create the largest operator in the country, adds one of the interlocutors “Vedomosti”.
Director of External Communications Department, “Svyazinvest” Igor Pshenichnikov knows nothing about the proposal.
Last Friday, for permission to buy up to 100% “Comstar-OTS” in the Anti-Monopoly Service asked the MTS. She wants to participate in the growth market of broadband Internet access and provide clients with convergent services, explained the “Vedomosti”, President of MTS Mikhail Shamolin. “If I were to place the MTS, I thought about the full merger – has admitted to journalists yesterday, the president of” The System “(controlling, and MTS, and the” Comstar “) Leonid Melamed. – But the question of when to do it – just this year or step by step. “
MTS can avoid the offer minority “Comstar”: the law, it is optional, if the owner sold the deal final package remains the same (in the case of the MTS and Comstar UTS “is a” system “). But “Svyazinvest” if he decided on the transaction, will have to store up money for a possible purchase of 100%.
If “Svyazinvest” decides to make an offer, you will need to bring this issue to the Board of Directors, which will be attended by representatives of “the system” (owns 25% plus 1 share “Svyazinvest”), resembles the head of a set of external communications AFC Irina Potekhina. While such a question at the Council does not provide, she said. “Comstar” – a good asset, but the “system” of interest to know what multipliers “Svyazinvest” ready to evaluate, said the representative of “the system”. If, on the same as used by Ernst & Young (E & Y) in the evaluation of ROS blokpaketa of “Svyazinvest”, the proposal will not be even considered, he said. E & Y to evaluate this package, which previously offered to return the AFC State of 23,7 billion rubles, “System” found that assessment is very conservative.
Revenues “Comstar” comparable to the incomes of a large inter-regional “Svyazinvest” and without a serious presence in Moscow, “Svyazinvest” does not create a “national champion”, observes the analyst URALSIB “Konstantin Chernyshev. Business logic of wanting to buy the “Comstar” is, he agrees, but for the AFC sale of the company would mean abandonment of a strategy to create a global operator. Instead of synergy from combining with the “Comstar” (Shamolin evaluates its hundreds of millions of dollars a year), the MTS would be spent on building its own network of fixed-line, adds Chernishev. Sales of “Comstar” third-party companies is excluded, the source of ROS.
Offer “Svyazinvest” could compel MTS to offer minority “Comstar” more money, the manager discusses shareholder “Comstar”. In the ITT is not a comment. A Melamed explains: Not only discussed the potential purchase of the ITT, 51% “Comstar” from “Sistema”.
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Categorized | M&As in Telecom
“Svyazinvest” claims “Comstar UTS”
Posted on 01 June 2009
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