MTS closes business in Armenia

Maria Novoselova / Vestnik Kavkaza

MTS has announced the sale of its business in Armenia to Cyprus' Fedilco Group Limited, the telecom company said.

This involves the sale of 100% of the shares in MTS Armenia, as well as the sale of the MobiDram payment system, a wholly owned subsidiary of MTS Armenia.

The company has received the necessary corporate approvals and permits from Armenia's regulators, namely from the State Commission for the Protection of Economic Competition and the Public Services Regulatory Commission (PSRC).

The PSRC in mid-November approved the application for the sale of the business in Armenia to Cyprus' Fedilco Group Limited. As reported, MTS Armenia would no longer be considered a member of the MTS Group upon conclusion of the transaction.

MTS sold its business in Armenia on the second attempt. The local regulator was already considering a similar application for a deal in the spring of 2023, though rejected it without announcing a reason.

© Photo :Maria Novoselova / Vestnik Kavkaza