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Telenor expands in Moscow

Citing its 'positive experiences in the Russian market,' Norway's biggest telecom company said Tuesday it had taken over full ownership of Moscow telecom service provider Comincom-Combellga.

Citing its "positive experiences in the Russian market," Norway's biggest telecom company said Tuesday it had taken over full ownership of Moscow telecom service provider Comincom-Combellga. The deal was valued at USD 30 million (about NOK 210m).

Telenor bought 75 percent of Comincom, Moscow's third-largest operator, for USD 120 million in 2000. It now has bought up the remaining 25 percent for USD 30 million from "private individuals and public organizations."

Telenor claimed the Russian telecom market was growing rapidly and that expansion "is expected to continue in the foreseeable future." Comincom provides voice and broadband services to corporate customers.

Telenor forecast revenue for Comincom of about USD 100 million in 2003, up from USD 85 million last year. It said its latest investment was based on Telenor's "positive experiences in the Russian market."