Golden Telecom Acquires Commercial Information Networks
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Golden Telecom, Inc. (GTI) , a facilities-based telecom and Internet service provider in Russia and the Commonwealth of Independent States (CIS), has acquired 51 percent in a large Russian ISP.
GTI (GLDN) acquired Commercial Information Networks (KIS) the largest Internet service provider in Nizhny Novgorod, which is Russia's third major business center after Moscow and St. Petersburg.
"Golden Telecom is currently the largest Internet service provider in Russia," said Stewart Reich, GTI's CEO. " The acquisition of KIS gives us a significant presence in Nizhny Novgorod which we see as a strategic market and crucial for the success of any Russian-based ISP."
KIS began providing Internet dial-up and dedicated access services in 1992 and now has a 30 percent market share in Nizhny Novgorod with 1999 gross revenue of approximately US$600,000. It has over 1,220 dial-up subscribers and 68 dedicated access subscribers.