MTS, Russia’s largest mobile operator, has bought out 70% of the authorized capital of Sistema Capital management company LLC, one of the largest management companies in Russia in terms of collective investments, for $48.1 million (3.5 billion rubles).

Two divisions, Sistema Finance and Sistema Telecom (controlled by AFK Sistema), signed binding agreements for the sale of their shares to Mobile TeleSystems B.V. (a subsidiary of MTS).

As a result of the deal, the share of MTS in the authorized capital of Sistema Capital Management Company will increase from 30% to 100%. Through the transaction, the company plans to increase its market position in digital investment services, according to Ilya Filatov, Vice President for Financial Services of MTS.

Original (in Russian)