Mourant Ozannes BVI has advised MegaFon, a Russian telecommunications company, on its USD740 million acquisition of a controlling stake in Mail.Ru Group, the internet and social media group.
Mail.Ru was acquired from USM Holdings, MegaFon's controlling shareholder.
Cleary Gottlieb acted as onshore counsel to MegaFon.
MegaFon has acquired 11.5 million class A shares and 21.9 million ordinary shares representing approximately a 63.8 per cent voting stake in Mail.Ru from New Media and Technology Investment, New Media Technologies Capital Partners and Ardoe Finance (each a subsidiary of USM).
MegaFon paid USD640 million for the shares on completion and will pay an additional USD100 million one year after completion.
The transaction was agreed on 23 December 2016 and completed on 9 February 2017.
The Mourant Ozannes team comprised BVI managing partner Rachael McDonald, counsel Nathaniel Luker and associate Samuel Malpass.
McDonald says: "We congratulate MegaFon on its successful acquisition. We were pleased to field our team of highly experienced M&A lawyers and are delighted to have assisted MegaFon and Cleary Gottlieb on this transaction."
Mourant Ozannes is an offshore law firm which advises on the laws of the BVI, the Cayman Islands, Guernsey and Jersey. It has a substantial presence in each of these jurisdictions and offices in Hong Kong and London.
