Russian mobile operator Megafon confirmed it's in talks on a potential "commercial collaboration" with Mail.ru Group, a leading provider of internet portal services in Russia. Megafon said the collaboration would see the companies jointly develop new products and services aimed at mobile subscribers and internet users in Russia. Any agreements between the companies would be on an arms-length and fully commercial basis, Megafon added.
An earlier report from Rambler News Service (RNS), citing sources familiar with the matter, said that Megafon could acquire a majority stake Mail.ru Group. The deal would allow the consolidation of assets belonging to the holding company USM.
USM, controlled by Russian businessman Alisher Usmanov, owns 56.3 percent of Megafon, with Telia Company holding 25.2 percent. The share structure of the Mail.ru Group is complex, with two types of share, having either 25 votes or one vote. Entities controlled by Usmanov hold a 15.2 percent stake with 63.8 percent of votes.
Megafon said that there were "past and ongoing dialogs" between MegaFon and some of the shareholders of Mail.ru, but "currently there is no certainty that MegaFon will become a shareholder of Mail.ru". If it did acquire shares in Mail.ru, the companies would continue operating as separate entities on an arms-length basis, it said.
