The management of Russian mobile giant MegaFon is reportedly seeking a USD2 billion-USD3 billion loan to help finance the purchase of a 25.1% stake from billionaire Mikhail Fridman’s Alfa Group, Vedomosti has revealed.
Earlier this month TeleGeography’s CommsUpdate reported that entrepreneur Alisher Usmanov was considering buying Fridman’s 25.1% stake in MegaFon for around USD5 billion. The stake in question is currently held by Cyprus-based Allaction Ltd, itself part of Russian investment firm Alfa Group, which was founded by Fridman, Russia’s seventh richest man, in 1989.
However, it has now been reported that MegaFon is able to borrow money on more favourable terms than Usmanov himself, given the cellular giant’s net cash position. Thus far, Vedomosti wrote, MegaFon has entered into discussions with Russia’s biggest lender, Sberbank, noting that another state-controlled bank, VTB, is a likely creditor.