Sitronics, part of AFK Sistema (RTS: AFKS), and Greece's Intracom Holdings agreed that the Russian concern would acquire 51% of Intracom Telecom for about 120 million euros (about $140 mln).
Sitronics said the completion of the deal was "subject to a number of conditions," including a legal and financial check of the Greek company and the receipt of the relevant corporate approvals and permission from the regulating bodies.
When the transaction is completed, Sitronics is going to integrate Intracom Holdings into its division, Infocommunications, which specializes in supplying switching equipment and billing systems.
Intracom Telecom is a 100% affiliate of Intracom S.A. It provides full telecommunications solutions and services on the markets of the EEMEA (Eastern Europe, Middle East and Africa) region. It provides a number of products related to broadband Internet access for fixed and mobile communications and data transfer systems.
Sitronics was established in May 1997. Its companies deal with telecommunications equipment, software production, and security system introduction. It also incorporates the Czech Republic's Strom telecom.
