Cleary Gottlieb represented Mobile TeleSystems PJSC (MTS) in the proposed repurchase of outstanding shares of common stock and American Depositary Receipts of MTS by its wholly owned subsidiary Bastion LLC, by means of a share repurchase plan in the total aggregate amount of up to RUB 15 billion.
On March 20, 2020, MTS announced that its board of directors has approved the repurchase plan.
MTS (NYSE: MBT; MOEX: MTSS), Russia’s leading mobile connectivity and digital services provider, offers a range of mobile, fixed-line, and digital services. It serves more than 80 million mobile subscribers in Russia, Armenia, and Belarus, and about 9 million customers in Russia of fixed-line services, including fixed voice, broadband internet, and pay-TV.