July 31, 2009 / 6:07 AM / 8 years ago

Russia's MTS to pay $1.3 bln for Comstar-paper

MOSCOW, July 31 (Reuters) - Russian mobile network Mobile TeleSystems (MBT.N) is set to pay $1.275 billion -- or $5.98 per share -- for a controlling stake in fixed line carrier Comstar CMSTq.L, newspaper Kommersant said on Friday citing sources.

The purchase of the 51 percent stake from services conglomerate Sistema (SSAq.L) -- the parent of both the companies -- was cleared by Russia’s anti-monopoly service last month [nLI555382].

Sistema's board of directors plans to approve the deal on Aug. 5, Kommersant said, quoting an unnamed source close to the deal. The price -- based on a fixed exchange rate of 31.97 roubles per dollar RUB= -- values Comstar at 19.6 percent above the current share price, the business daily said.

    Sistema and MTS declined comment when contacted by Kommersant.

    (Writing by Toni Vorobyova; Editing by Greg Mahlich)

    ((antonina.vorobyova@reuters.com; Tel: +7495 7751242, Reuters Messaging: antonina.vorobyova.reuters.com@reuters.net)) Keywords: MTS/COMSTAR

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