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Euroset Reconnected
Alexander Mamut’s ANN bought Euroset. With the liabilities taken into account, the worth of Russia’s biggest cell phone retailer has been estimated at $1.25 billion.
The parties agreed on the deal after 10:30 p.m. Sunday, said a source familiar with the progress in negotiations. Alexander Mamut’s ANN has acquired 100 percent in Euroset controlled by Evgeny Chichvarkin and Timur Artemiev. Mamut confirmed yesterday “the purchase of 100 percent in the stock capital of Euroset Group.” “We will sell by the morning,” Chichvarkin promised.
The parties refused to disclose the deal value. According to the sources, Mamut paid roughly $400 million for Euroset less the debt, which amounts to around $850 million.
Euroset is Russia’s biggest cell phone retailer uniting over 5,000 outlets in Russia and CIS. The 2007 revenues reached $3.6 billion under the international accounting standards.
The reports about forthcoming sale of Euroset to the outside investor were numerous. The process gained momentum in early September, when the conflict of Euroset co-owners Evgeny Chichvarkin and Timur Artemiev aggravated to the extreme extent. Investigators of the RF Prosecutor General Office raided headquarters of the company, and Euroset Vice President Boris Levin and Security Service Deputy Chief Andrei Ermilov were arrested.
www.kommersant.com
All the Article in Russian as of Sep. 22, 2008
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