OAO Rostelecom, Russia’s dominant long-distance phone operator, bought the remaining 50 percent stake in mobile operator ZAO Sky Link, the company said in an e- mailed statement today.

Rostelecom acquired the stake from OAO Svyazinvest, the national telecommunications holding, in exchange for 1.9 percent of its ordinary shares, which are valued at 9.4 billion rubles ($291 million), according to the statement.

Rostelecom bought the stake through its Mobitel LLC unit, which already holds 50 percent of Sky Link, the statement said. Rostelecom shares rose 0.6 percent to 114.41 rubles by 3:38 p.m. in Moscow.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net