LogiTel is a telecom company, it has a majority holding of 60% in SinTel, a smaller telecom company. SinTel had revenues of $ 150 million, EBITDA of $ 10 million, debt of $ 150 million and a cash balance of $ 50 million and these numbers are fully consolidated into LogiTels financial statements. Based on LogiTels consolidated statements, an analyst, Peter, estimated that the market value of equity of LogiTel is $1,000 million. However, in his valuation, Peter did not adjust for its holding in SinTel. The average EV/Sales ratio for telecom sector is 1.6.

Estimate the market value of equity in LogiTel by adjusting for cross holdings.