MegaFon buys a controlling stake Mail.Ru Group for $740 million

Russian telecom operator Megafon has started preparing to buy 63.8% of the Internet giant’s management shares Mail.Ru Group. The transaction amount is less than $1 billion with the market capitalization of the IT company of $9.5 billion.

This was announced today, December 23, by the operator on his website. By the current owner Mail.Ru Group are companies belonging to the USM holding, which is owned by billionaire Alisher Usmanov. He is also the owner of a controlling stake in Megafon.

The deal has already been approved within Megafon by a special committee of the Board of Directors, and a shareholders’ meeting will be held on January 20 to approve it.

One of the goals of the deal is “the implementation of joint projects, including the creation and promotion of a special offer for VKmobile digital subscribers based on the VKontakte social network and improving customer targeting and segmentation.”

In the case of the transaction, which has yet to be approved by the Federal Antimonopoly Service of Russia, “the management teams of both companies will be independent and aimed at maintaining the established corporate culture and corporate governance of each company, ensuring the continued development and development of new products.”

General Director Mail.Ru Group Boris Dobrodeev said that his company would be happy to work together with Megafon.

As of December 23, 13:04, market capitalization Mail.Ru The Group is 582 billion rubles ($9.5 billion).

Earlier this year Mail.Ru The Group announced the purchase of the Russian game studio Pixonic for $ 30 million. The Internet company earns approximately the same amount per quarter only from its gaming division. Total earnings Mail.Ru Group for the third quarter of this year amounted to about $150 million.

Source: Megafon