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MegaFon OAO Settles Dispute over Acquisition of Synterra in Exchange for Stakes in Synterra-Media and Absolut

Thursday, 1 Aug 2013 08:00pm EDT 

MegaFon OAO (MegaFon) announced a settlement in relation to the sale and purchase agreement for CJSC Synterra. The Company has resolved for c. USD 82 million the sellers’ claim for deferred and contingent consideration in the total amount of c. USD 96 million due under the sale and purchase agreement dated as of June 2, 2010 for the acquisition of CJSC Synterra (the SPA), at the time an alternative provider of integrated telecommunications services in Russia. The settlement agreement terminates all disputes and claims which have arisen between the Company and the sellers under the SPA. The consideration under the settlement agreement consisted of the Company’s 60% interest in CJSC Synterra-Media (Synterra-Media) and its 100% interest in CJSC Construction Company Absolut (Absolut), with a combined value of c. USD 75 million, and a cash payment of USD 7 million. Absolut owns the building in which the Company’s Moscow headquarters are located, and the Company will lease the building back from the company for a three year term. Synterra-Media is involved in various media and internet television projects. 

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