MOSCOW, October 5 (RIA Novosti) - AFK Sistema [RTS: AFKS] completed the acquisition of 66% in the international group WaveCrest Group Enterprises for 20 million pounds sterling ($37.8 million) in October, the corporation said Thursday.
One of Russia's largest diversified corporations bought an additional issue of WaveCrest shares.
In April, AFK Sistema said that after the deal is completed, the funds received will be spent on the company's further development and expansion of the services it provides.
WaveCrest Group specializes in wholesale trade in international traffic and IP telephony, and has offices in London, Paris, Amsterdam, New York and other big cities. It services more than 300 of the world's leading telecommunications operators. Its turnover in 2005 was about $280 million.
