July 8, 2008
Comstar Acquires Russian Telecoms Provider
Integrated communication services provider Comstar UTS has acquired Ural Telephone Company (UTC), a telecoms operator in the Ekaterinburg and Sverdlovsk regions of Russia, for RUB 1.02 billion ($43.4m).
UTC provides local and zonal connection services, as well as broadband internet access for residential and corporate subscribers. It owns 800km of fiber-optic connection network which currently covers most of the territory of Ekaterinburg, as well as the largest towns of the Sverdlovsk region.
Sergey Pridantsev, president and chief executive at Comstar UTS, said: "The acquisition of UTC allows us to expand in the telecoms market of the Ural Federal District, where we are already operating in the Tyumen region, the Khanty-Mansi, and the Yamalo-Nenets Autonomous Areas."
Comstar also announced plans to merge all its Russian subsidiaries and operate them as branches in the respective federal districts.