The Alpha-Echo company which is part of the Alpha Group has bought an interest in Megafon, said Megafon Public Relations Director Andrei Klimov. He told AKC that Alpha-Echo bought a 25% plus one share interest in Megafon. He declined to comment further saying 'the transaction was the business of shareholders.'
Alpha-Echo also owns shares in mobile telephone company VympelKom. However, Klimov said that 'it was too early' to talk about Alpha-Echo merging their holdings with the two mobile telephone companies.
Megafon is a nationwide company providing mobile telephone connections using GSM 900/1800 frequencies, and is one of the three largest mobile telephone companies in Russia serving 4.5 million subscribers.