Skip to main content

Megafon buys Euroset stake from key shareholder

Russia's second biggest mobile phone operator Megafon has finalised its 2012 deal to buy a stake in cellphone retailer Euroset, paying its key shareholder $657.3 million in shares, the company said on Wednesday.

_0">

Megafon, controlled by Russia's richest man Alisher Usmanov, together with his acquisition vehicle Garsdale, bought 50 percent of Euroset for $1.07 billion nearly two years ago. The other 50 percent in Euroset belongs to Megafon's competitor, Vimpelcom.

The initial deal envisaged Megafon gaining full control of the Euroset stake within a year, buying 25 percent from Garsdale within a year. The condition was later extended until 2015.

The price paid in the deal corresponded to the $535 million initial investment plus $50 million in additional payments representing Garsdale's "earn out", as well as accumulated 8 percent interest, Megafon said.

"Megafon has completed its commitment to Garsdale with respect to the Euroset transaction at this time in order to eliminate a sizeable foreign currency liability from the company's balance sheet and reduce the average cost of our debt," Megafon Chief Executive Ivan Tavrin said in a statement.

"We used our treasury shares instead of cash as the currency of payment to retain adequate liquidity position in volatile credit market environment." (Additional reporting by Alexei Kalmykov; Writing by Lidia Kelly, editing by David Evans)

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various

Best MBA Online Colleges in the USA

“Opportunities never open, instead we create them for us”. Beginning with this amazing saying, let’s unbox today’s knowledge. Love Business and marketing? Want to make a high-paid career in business administration? Well, if yes, then mate, we have got you something amazing to do!   We all imagine an effortless future with a cozy house and a laptop. Well, well! You can make this happen. Today, with this guide, we will be exploring some of the top-notch online MBA universities and institutes in the USA. Let’s get started! Why learn Online MBA from the USA? Access to More Options This online era has given a second chance to children who want to reflect on their careers while managing their hectic schedules. In this, the internet has played a very crucial in rejuvenating schools, institutes, and colleges to give the best education to students across the globe. Graduating with Less Debt Regular classes from high reputed institutes often charge heavy tuition fees. However onl

Sickening moment maskless 'Karen' COUGHS in the face of grocery store customer, then claims she doesn't have to wear a mask because she 'isn't sick'

A woman was captured on camera following a customer through a supermarket as she coughs on her after claiming she does not need a mask because she is not sick.  Video of the incident, which has garnered hundreds of thousands of views on Twitter alone, allegedly took place in a Su per Saver in Lincoln, Nebraska according to Twitter user @davenewworld_2. In it, an unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of the customer recording her. Scroll down for video An unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of a woman recording her A woman was captured on camera following a customer as she coughs on her in a supermarket without a mask on claiming she does not need one because she is not sick @chaiteabugz #karen #covid #karens #karensgonewild #karensalert #masks we were just wearing a mask at the store. ¿ o