MegaFon has announced the completion of the compulsory acquisition of all remaining minority stakes in its ownership via its wholly owned subsidiary MegaFon Finance, pursuant to the squeeze-out request issued on 17 April 2019. The Russian cellco’s disclosure confirmed that on 3 June 2019 4,966,749 ordinary shares of MegaFon previously in free float – representing approximately 0.8% of total outstanding shares of the company – were transferred to MegaFon Finance, at a squeeze-out price of RUB659.26 (USD10.20) per share. As a result, MegaFon Finance now holds 29.68% of MegaFon’s shares. The operator is controlled by USM Group (a non-public entity ultimately controlled by Russian business magnate Alisher Usmanov) with a 70.32% stake (via two associated companies, AF Telecom Holding [56.32%] and the latter’s sole owner USM Telecom [14.00%]), according to TeleGeography’s GlobalComms Database. It is anticipated that MegaFon will delist from the Moscow Stock Exchange.
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