Gazprominvestholding general director and Kommersant Publishing House owner Alisher Usmanov
Photo: Vasily Shaposhnikov
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Alisher Usmanov Takes MegaFon in Hand
The largest deal ever on the Russian telecommunications market is in the making. Businessman Alisher Usmanov is negotiating the purchase of a controlling package in the Telecominvest holding company and the entirety of the Bermuda IPOC fund. Between them, they own 39.3 percent of MegaFon, Russia's third-largest cellular communications operator. The businessman could thus become the owner of over 30 percent of MegaFon. The value of that package is about $4.5 billion.
Talks are underway with both owners of Telecominvest, that is, Danish businessman Jeffrey Galmond, who owns 58.9 percent of the stock in Telecominvest through the Luxembourgian company First National Holding, and the Swedish-Finnish operator TeliaSonera, which owns 26.1 percent of the holding. Usmanov's press service confirmed that negotiations are being held with Galmond. Galmond and TeliaSonera declined to comment on negotiations with Usmanov yesterday.
The main asset of Telecominvest, 73.9 percent of which will belong to Usmanov taking into consideration the 15 percent he acquired from OAO CZT in the middle of the month, is 31.3 percent of MegaFon. IPOC owns 8 percent of MegaFon.
MegaFon has long been a source of contention between Galmond and Alfa Group, which acquired 25.1 percent of the company from businessman Leonid Rozhetskin in 2003. IPOC representatives announced immediately after that transaction had been completed that they had two option agreements on the acquisition of that stock. IPOC spent several years unsuccessfully disputing the transaction in courts in Russia and abroad. Analysts note that the sale of the share in MegaFon may be an acknowledgment of the futility of further conflict over the company. Altimo, the telecommunications arm of Alfa Group, also declined to comment on the situation.
Analysts also say that the sellers have chosen a good time for the deal. MegaFon has increased in value by 400-600 percent in the last five years. The company will continue to grow, but the Russian telecommunications market is saturated and that growth will be much slower in the future.
www.kommersant.com
All the Article in Russian as of July 27, 2007
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