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Russia's Sitronics buys 51% of Greece's Intracom Telecom

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MOSCOW, June 28 (RIA Novosti) - Sitronics, a high-tech arm of Russia's AFK Sistema [RTS: AFKS] said Wednesday it had closed a 120 million euro ($150 mln) deal to buy a 51% stake in Greek company Intracom Telecom.

At a news conference in Athens, Socrates Kokkalis, the head of Intracom Telecom's parent company, Intracom Holding, said he was optimistic about the future of the telecommunications company and the large volume of investment to be provided by Sistema, adding that it was the largest deal made by a Russian company in Greece.

The Intracom Holding president said Sistema's investment in the company over the next three years would exceed 300 mln euros ($376 mln).

Sistema Board Chairman Vladimir Yevtushenkov said: "We discussed the details of deal at some length, and came to know each other well. We completely trust each other and in business this is very important."

Yevtushenkov said, "We have set the ambitious goal of creating a global telecommunications player similar to companies such as Alcatel, Siemens, and Sony Ericsson. I think we will achieve this goal."

Intracom Telecom, Greece's largest multinational telecommunications provider, operates on markets in eastern Europe, the Middle East and Africa.

Sitronics was established in May 1997. Its companies deal with telecommunications equipment, software production, and security system introduction.

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