USM Holdings’ Proposed Sale of $740 Million Stake in Group to MegaFon

Akin Gump is advising USM Holdings, a leader in the Russian-speaking Internet market, and its subsidiaries, in the proposed sale of its stake in Mail.Ru Group Limited to PJSC MegaFon.

MegaFon announced its board decision to call a shareholder meeting to approve the acquisition.

Under the terms of the announcement, MegaFon would acquire 11.5 million Class A shares and 21.9 million ordinary shares in Mail.Ru from New Media and Technology Investment LP, New Media Technologies Capital Partners Limited and Ardoe Finance Limited, subsidiaries of USM Holdings, for a total consideration of $740 million, including a deferred element. The transaction is subject to receipt of Russian antimonopoly approval and fulfilment of other conditions.

The team advising USM Holdings and its subsidiaries is led by relationship partner Artem Faekov (Picture) and corporate partner David Sewell, supported by corporate partner Harry Keegan and corporate associate Rob Whittle, all in Akin Gump’s London office.

Involved fees earner: Artem Faekov – Akin Gump; David Sewell – Akin Gump; Harry Keegan – Akin Gump; Rob Whittle – Akin Gump;

Law Firms: Akin Gump;

Clients: USM Holdings;