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Evaluation of "Sky Link", which is on a verge to be sold by "Svyazinvest" to "Rostelecom", has been evaluated in the range of 7-11 billion rubles, Vedomosti said. But "Svyazinvest" will hardly part with it for less than 9.4 billion rubles.
Ernst & Young evaluated "Sky Link" as worth 7-11 billion rubles, said a source close to "Svyazinvest". That was confirmed another source in "Rostelecom". The evaluation was conducted for the sale of the asset to "Rostelecom" – the deal must be completed before the end of 2011, said "Rostelecom" CEO Alexander Provotorov in mid-October. Then he suggested that the price will be approximately equal to the price of its purchase by "Svyazinvest". In October 2010, when the "Svyazinvest" exchanged 28% of ordinary shares of MGTS to 100% of "Sky Link", these 100% were estimated at 9.4 billion rubles.
A source close to the "Svyazinvest" also said that holding won't be selling "Sky Link" cheaper than it was bought a year ago.
CJSC "Sky Link" - a group of mobile operators. Shareholders: "Svyazinvest" (50%, the remaining 50% belong to 100% subsidiary of "Sky Link" - "MC Direct"). Financial indicators (2010): revenue - 7.7 billion rubles.
To purchase "Sky Link" "Rostelecom" may use its own shares on the balance of its 100% subsidiary "Mobitel" (owns 2.68% of ordinary shares of "Rostelecom"). That option was considered by Provotorov in May 2011. Yesterday on the MICEX one common share of the operator cost 155.9 rubles, so that for 9.4 billion rubles one could buy only 2.05% of the whole stock. But so far the price and the structure of the deal have not been identified, knows a source close to "Svyazinvest".
"Sky Link" has a problem with financing. Indebtedness of "Sky Link" in front of Rostelecom is 11.3 billion rubles. In addition, "Rostelecom" gave "Gazprombank" guarantees on issued loans to "Sky Link" in the tune of 6 billion rubles.
"Svyazinvest" got itself a company which is "not in a position to carry out part of the short-term obligations", said a report of the Accounting Chamber in the spring. "Sky Link", according to sources close to the holding company, is unprofitable. But it has GSM-licenses for 45 regions, won in 2007, and most importantly - in March 2011, the State Commission for Radio Frequencies authorized "Sky Link" to build a mobile network of third generation (3G) on UMTS technology (like mobile 'big Three ') in 73 regions. That is "Sky Link" is actually owns the fourth federal 3G-license.
"Rostelecom" already controls "Sky Link" at the management level - six months ago, CEO of "Sky Link" Vladislav Shvaybovich has been appointed to the post of director of wireless communications in "Rostelecom". In addition, "Rostelecom" - the main creditor of "Sky Link" in October 2010 bought out from "AFK Sistema" promissory note at 8.1 billion rubles. But to fully integrate "Sky Link" "Rostelecom" must buy it.
The representative of Ernst & Young declined to comment.