Sweden’s TeliaSonera has confirmed it is in talks with the two other major shareholders in Russian mobile operator MegaFon about its future ownership and governance but no agreement has yet been reached.
Responding to media reports suggesting…
Sweden’s TeliaSonera has confirmed it is in talks with the two other major shareholders in Russian mobile operator MegaFon about its future ownership and governance but no agreement has yet been reached.
Responding to media reports suggesting changes to MeganFon’s ownership structure may be imminent, TeliaSonera – MegaFon’s largest shareholder with a 43.8% stake – issued a statement saying it is discussing the matter with AF Telecom and Altimo. Russian businessman’s AF Telecom has a 31.3% stake in MegaFon, while Altimo, the investment arm of fellow Russian billionaire Mikhail Fridman’s Alfa Group, has a 25.1% stake.
“These discussions have so far not led to any agreement, but if and when an agreement is reached, TeliaSonera will present information in accordance with the relevant stock market rules,” the company said.
A TeliaSonera spokesperson confirmed discussions with AF Telecom and Altimo began a couple of months ago, although he declined to comment on if and when an agreement might be reached.
The spokesperson also declined to comment on whether MegaFon shareholders are reconsidering listing the company on the stock exchange – another recent subject of media speculation.
According to a Reuters report citing Russian business daily Kommersant, which relied on a telecoms sector source for the information, shareholders may make a final decision on whether or not to go ahead with an initial public offering (IPO) by July.
MegaFon’s CEO and shareholders talked about listing the company in 2009 but, according to Reuters, shareholder disagreement and the financial crisis prevented an IPO from eventuating.
Usmanov reportedly may pay about US$5bn for Fridman’s stake in Megafon, thereby gaining a controlling 56.4% stake in the company.
TeliaSonera said in its statement Megafon is the second largest mobile operator in Russia with 62.8 million subscribers, equating to a 26% market share. MegaFon’s consolidated revenues grew 12.6% to Rbs242.6bn (US$8.2bn) in 2011, TeliaSonera added.
MegaFon was not immediately available for comment.
