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19/03/2014
14:48
M&A: Mail.Ru Group acquires 11.9996% of VKontakte shares

Mail.Ru Group Limited has entered into an agreement to purchase Bullion Development Limited which owns 11.9996% of VK.Com Limited (the VKontakte social network), Mail.Ru informed.

Once successfully completed, the acquisition will increase Mail.Ru Group's stake in VKontakte to 51.99%. No changes to the operational control over the company are intended. Accordingly, Mail.ru does not intend to fully consolidate VK in its financial statements upon completion.

Bullion is beneficially owned by Ivan Tavrin. The acquisition of Bullion is for cash and assumes a 3-month option for Ivan Tavrin to buy the HeadHunter business from Mail.ru.

The acquisition of Bullion has been unanimously approved by the company's Board of Directors including its independent directors.

Mail.ru Group Ltd. owns the same-name web portal, social networks Odnoklassniki.Ru and Moy Mir, instant messengers Mail.Ru Agent and ICQ as well as minority stakes in the VKontakte social networking service (39.99%), the Qiwi payment system (15.04%), and some minor Russian and Ukrainian companies.

To date, Mail.ru Group has issued 96,068,000 Type A shares and 113,036,211 common shares.

According to Mail.Ru Group's preliminary unaudited financial and operational results, the company's net profit for the financial year 2013 increased by 36.1% to RUB 11.447 billion. Aggregate segment revenue grew by 29.6% eyar-on-year to RUB 27.404 billion, aggregate segment EBITDA by 30.8% to RUB 15.087 billion. The company's cash balance as of December 31, 2013 was RUB 31.303 billion.


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