Telekom Austria buys Belarus MDC for $1 billion

VIENNA (Reuters) - Telekom Austria has agreed to buy Belarus's second-biggest mobile phone operator MDC, continuing its drive to tap rapid growth in emerging European phone markets, the company said on Wednesday. Telekom Austria will initially buy a 70 percent stake in MDC's parent, Cypriot company SB Telecom, for around $1 billion in equity and debt, and has an option to buy the remainder of SB Telecom for $450 million in 2010, it said.