OREANDA-NEWS. On July 06, 2007 “COMSTAR – United TeleSystems” JSC (“Comstar”) (LSE: CMST), the leading combined telecommunications operator in Russia and the CIS, announced that the required approval by the Greek authorities of Comstar’s previously announced acquisition of a 51% stake in Hellas On Line SA’s (HoL) from Intracom Holdings Group (ASE:INTRK) was not received by June 30, 2007, and that the transaction has therefore been discontinued, reported the press-centre of COMSTAR.

Comstar UTS signed an agreement with Intracom Holdings in December 2006 to acquire a 51% stake in Hellas On Line for a cash consideration of ? 47.9 million. The closing of the transaction was subject to conditions including approval by the Greek relevant regulatory authorities by June 30, 2007.