MTS Announces Final Results of VTO for Comstar Shares
Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, today announced the final results of its Voluntary Tender Offer (“VTO”) to COMSTAR – United TeleSystems JSC (“Comstar” – LSE: CMST) shareholders, for which the tender period closed on September 21, 2010.
MTS has acquired 37,614,087 ordinary Comstar shares, or approximately 9.0% of Comstar’s issued share capital, for a total cost of RUB 8.28 billion (approximately $271.89 million1), excluding fees and expenses relating to the VTO2. The transaction was financed through MTS’ available cash reserves. This brings MTS’ total ownership stake in Comstar to 70.97% of Comstar’s issued share capital (or 73.33% excluding treasury shares).