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Mail.ru raises stake in VKontakte to 100%

2014-09-16 15:28:00| Telecompaper Headlines

(Telecompaper) Russian internet company Mail.ru Group announced that it has acquired the remaining 48.01 percent of Russian social network VKontakte, raising its stake to 100 percent. The deal closed on 16 September, for an amount of USD 1.47 billion. The shares were acquired from Blesmir Development Limited and Palagon Limited. Mail.ru funded the deal with its existing cash and a RUB 22.2 billion loan from Gazprombank. In 2013, VKontakte had revenue growth of 14 percent to RUB 3.8 billion, EBITDA up 32 percent to RUB 1 billion and net profit of RUB 53 million.

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