MegaFon completes minority shareholder squeeze-out

12 Jun 2019

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.

Russia , MegaFon

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