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Deutsche Telekom hangs up on MTS

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From Russia with $1.2bn

By Tim Richardson • Get more from this author

Posted in Financial News, 13th September 2005 09:44 GMT

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Deutsche Telekom (DT) has bailed out of Russia after flogging its remaining stake in cellco Mobile TeleSystems (MTS) for €1.2bn.

The giant German communications company said it would use the cash to help reduce its debt burden.

Before yesterday's sale MTS' two major shareholders were Russian financial outfit AFK Sistema and DT.

MTS is the largest mobile phone operator in Russia and the CIS (Commonwealth of Independent States) with around 50m punters.

Its service covers a total population of 233.1m people in Russia, Ukraine, Belarus, Uzbekistan and Turkmenistan. ®

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