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MegaFon, Gazprombank, Rostec, USM create JV on Mail.Ru basis

MOSCOW, Jun 9 (PRIME) -- Russian mobile operator MegaFon, Gazprombank, state industrial corporation Rostec and USM Holdings have completed setting up a joint venture, called MF Technologies (MFT), on the basis of Internet company Mail.Ru Group to develop digital services and projects, MegaFon said on Saturday in a statement.

УThe newly created joint venture will gain access to its partnersТ experience and resources, which will create a platform for the implementation of innovative fintech solutions. While preparing the transaction we have analyzed all the aspects of the new structure with international legal consultants and believe it is the optimal solution for all participants,Ф MegaFon CEO Sergei Soldatenkov said.

УAll partners in MFT agree that the creation of MFT will not impact the independence, corporate governance, procedure or business strategy of Mail.Ru Group and its management team.Ф

MegaFon initially contributed 11,500,100 Class A shares in Mail.Ru Group, representing a 5.23% economic share, and providing 58.87% of votes, to MFT, and the stake, comprising a 100% stake in MFT, was valued at U.S. $ 450 million.

Lefbord Investment Ltd., a 100% subsidiary of MegaFon and the current shareholder of MFT sold a 35% stake in MFT to Gazprombank and a 9% stake to USM Holdings. Rostec has acquired an 11% stake in MFT. As a result of the deal, Lefbord will own the remaining 45% of MFT.

MegaFon will secure $247.5 million in cash from the sale of 55% shares in MF Technologies pre-tax, and will use the money to finance capital expenditures as well as to repay its debt and, accordingly, reduce the leverage.

The deal will allow the partners to efficiently develop cross-industry innovation projects including, but not limited to, blockchain and Internet of Things-based solutions.

End

09.06.2018 19:20
 
 
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