Akin Gump is advising USM Holdings, a leader in the Russian-speaking Internet market, and its subsidiaries, in the proposed sale of its stake in Mail.Ru Group Limited to PJSC MegaFon. Cleary Gottlieb is advising MegaFon, which announced its board decision to call a shareholder meeting to approve the acquisition.
Under the terms of the announcement, MegaFon would acquire 11.5 million Class A shares and 21.9 million ordinary shares in Mail.Ru from New Media and Technology Investment LP, New Media Technologies Capital Partners Limited and Ardoe Finance Limited, subsidiaries of USM Holdings, for a total consideration of USD 740 million, including a deferred element. The transaction is subject to receipt of Russian antimonopoly approval and fulfillment of other conditions.
The Akin Gump team advising USM Holdings and its subsidiaries is led by Relationship Partner Artem Faekov and Corporate Partner David Sewell, supported by Corporate Partner Harry Keegan and Corporate Associate Rob Whittle, all in Akin Gump’s London office.
The Cleary Gottlieb team includes Partners Murat Akuyev and Yulia Solomakhina in Moscow; and in London, Partner Raj Panasar and Associate Richard Watkins.