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Russia’s Mobile TeleSystems (MBT) Acquiring Controlling Stake in Factorin Blockchain Platform

Tuesday, July 27, 2021 10:23 AM | Carl Pettit

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Russia’s Mobile TeleSystems (MBT) Acquiring Controlling Stake in Factorin Blockchain Platform

What’s Going on with Mobile TeleSystems?

Mobile TeleSystems (MBT), headquartered in Moscow, Russia, announced today, July 27, that the mobile operator will be acquiring a controlling stake in Factorin LLC, a blockchain-based financial platform. This morning, as of 09:37 am ET, MBT stock was trading at $8.55 a share, which is a 1.16% decline in value.

What Does This Mean for MBT?

 Mobile TeleSystems, also known as MTS, will be purchasing 51% of the equity capital of Factorin for RUB 867 million. The deal also includes a RUB 350 million “cash-in investment to support the startup’s continued development,” according to MTS’s press release today.

“This deal is yet another major step forward in the development of digital products and enhanced services for our B2B customers,” MTS Bank CEO Ilya Filatov pointed out. “Factorin is not only a fast-growing and high-tech trade finance platform, it provides a unique offering that fully leverages all of the advantages of blockchain technology. I am confident that the addition of Factorin into MTS Group will accelerate our growth and further reinforce the company's leading position.”

Sentiment Score - ,bullish

Mobil'nye Telesistemy PAO has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on MBT!

Mobile TeleSystems PJSC is a wireless telephone operator in Russia. The company is a large provider of fixed-line broadband and pay-TV services in the country, with a strong fixed-line presence in Moscow. While Russia contributes for the majority of its sales, MTS is also offering wireless operators in Armenia, and Turkmenistan. It operates in three segments comprising Russia Convergent, Moscow Fixed Line and MTS Bank.

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