MegaFon shareholders looking to sell up

7 Aug 2013

The ownership of Russian telco MegaFon is set for a shake-up, with local newspaper Vedemosti reporting that two shareholders in the firm’s holding company Garsdale are to sell up. Garsdale has a 50% plus one share interest in MegaFon. Reports suggest that local businessmen Sergei Adonyev and Albert Avdolyan, co-owners of Telconet Capital, plan to sell their 13.5% joint stake in Garsdale for around USD1.8 billion, with other Garsdale shareholders identified as the likely buyers. The holding company is currently controlled by billionaire investor Alisher Usmanov, with an 82.0% stake, while the state-backed company Russian Technologies holds the remaining 4.5%. Besides Garsdale, MegaFon is backed by TeliaSonera of Sweden, with a 25.1% interest. The Russian operator claimed 62.67 million mobile subscribers at the end of March 2013 to give it almost a quarter share of the country’s overall wireless sector.

Russia, MegaFon