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MegaFon borrows $4.5bn to buy out Fridman
23 April 2012
Russian operator MegaFon prepares for IPO with funding to buy out Mikhail Fridman’s 25.1% stake
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MegaFon
TeliaSonera
IPO
share flotation
Russia
Gazprombank
Sberbank
MegaFon has received a credit line of up to $1.5 billion from Russia’s state-controlled bank Sberbank, and a $1 billion loan from state-owned Gazprombank. This is additional to $2 billion in a recent syndicated loan from Western banks.
The aim is to buy Russian businessman Mikhail Fridman’s 25.1% stake, reports Reuters, which adds that the company may have a $4 billion share flotation in London later in 2012.
Some of Fridman’s share is likely to be bought by another Russian businessman, Alisher Usmanov, said the report, citing an unnamed banking source.
The source also told Reuters that TeliaSonera — which owns 43.8% of MegaFon — may sell two thirds of its shares during the share flotation, which is expected to come in the second half of 2012. Usmanov will be the biggest shareholder after the transaction. GTB
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