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MegaFon OAO's Shareholders Approve Acquisition of Scartel and Yota-Interfax

Friday, 13 Sep 2013 01:57am EDT 

Interfax reported that the shareholders of MegaFon OAO (MegaFon) approved the acquisition of 100% of LLC Scartel (Scartel) and 100% of LLC Yota (Yota) from MegaFon's controlling shareholder Garsdale at an extraordinary general meeting on September 12. Garsdale, as an interested party in the deal, did not vote. MegaFon's second main shareholder, Scandinavian telecom company TeliaSonera, which owns 25.17% of the operator, supported the acquisition of the wireless broadband provider. MegaFon will pay a total of about $1.9 billion for Scartel, including debt. The basic cash component of the deal without Scartel's debt is $1.18 billion. MegaFon will pay that amount in two installments: $590 million (50%) one year after the deal closes (plus 6% annual interest) and the other $590 million (plus 6% interest) after two years. The total cash payment will be $1.286 billion. Proportionate to their stakes in Garsdale, Alisher Usmanov's USM Holdings, with 82%, will get over $1 billion of this amount; Telconet Capital (13.5%), which is owned by Sergei Adonyev and Albert Avdolyan, will get $174 million; and state corporation Rostec (4.5%) will get $58 million. 

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