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Megafon paying $740M to take control of Mail.ru

Published 12/23/2016, 05:23 PM
Megafon paying $740M to take control of Mail.ru
  • Russian telecom Megafon (OTC:MFOYY) will pay $740M to take the majority of Mail.ru, owner of the three largest Russian-language social networks as well as an online gaming business.
  • The company, Russia's second-biggest mobile firm, is buying the interest from billionaire Alisher Usmanov, who holds stakes in both.
  • It will take 63.8% of voting rights in Mail.ru for $640M at deal closing and another $100M a year afterward. The deal won't require Megafon to make a buyout offer to minority shareholders -- which will include Naspers (OTCPK:NPSNY -1.4%) and Tencent Holdings (OTCPK:TCEHY -0.1%).


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