The Istil group of companies has increased its shares in the Poverkhnost group of companies (Kyiv) to 55%.
A source familiar with the deal disclosed this to Ukrainian News.
"The Istil group increased its stake in the Poverkhnost group of companies, which provides paid television services in Ukraine, by 10% (to 55%) on March 31, 2010, in accordance with the terms of a share agreement that was previously concluded," the source said.
According to the source, the Istil group plans to change the marketing policy of the Poverkhnost group of companies slightly following its acquisition of the majority stake in it. He did not specify the planned changes.
As Ukrainian News earlier reported, the Istil group of companies acquired a 40% stake in the Poverkhnost group of companies in August 2009, with the option of acquiring a controlling stake (55%).
The Istil group of companies’ investments in Poverkhnost amount to about USD 60 million.
In early 2008, Istil completely left the metallurgical business (the Istil Ukraine mini steel mill in Donetsk and rolling mills in Great Britain and the United States). It now engages in realization of projects in the construction and media industries.
The Poverkhnost group of companies consists of three companies: a television company that owns the sports channels Sport 1, Sport 2, and Planate Sport Ukraine; a digital satellite television company; a national satellite operator.
