“Gazprombank” and “Rostekh” will become co-owners of the holding Mail.Ru Group – “Kommersant”

Gazprombank and state corporation Rostek will acquire shares in the new company MF Technology (ITF) – a joint venture with Megafon and USM Holdings. Megafon will contribute 5.23% of the economic and 58.87% voting interest in Mail Ru Group to this business. This is reported by “Kommersant” referring to sources familiar with the transaction.

The partners plan to develop banking products and a financial digital platform, expecting to compete with JV “Yandex.Market” and “Sberbank”, the publication specifies.

Megafon will invest 11.5 million shares of Mail Ru Group A in the transaction. In exchange, the subsidiary of Megafon Lefbord Investments Ltd will receive 45% of the ITF. Gazprombank will acquire 35% of the new company, Rostek – 11%, USM – 9%. In general, the ITF during the transaction will be valued at $ 450 million, writes Kommersant.

Gazprombank will pay $ 157.5 million for the transaction, $ 49.5 million for Rostekh, $ 40.5 million for USM. The terms of the transaction are similar to those for Megafon’s purchase of 15.2% of Mail Ru Group from USM and assume a premium of 29 % to the market price, Kommersant’s interlocutors note.

As a result of the agreement, Megafon will receive $ 247.5 million. The deal will allow the operator to recoup some of the investment in Mail Ru Group and reduce the debt burden, the publication notes.

Mail Ru Group will become available to Gazprombank’s lending resources, the Internet holding company will be able to offer users banking products in digital form, one of Kommersant sources says.

“The most understandable and simple is money transfers, but it is more interesting to make loans. Mail Ru Group holds the absolute leadership in social networks, the company knows everything about its customer base and, thus, can offer the user a credit line for conditional 20 thousand rubles. In fact, this is a replacement for a credit card – it will be possible to receive and use the loan digitally, “the source of Kommersant said.

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“Megafon” intends to create software to digitize the work of large companies and develop solutions on the block, the source of the publication added.

According to him, the creation of a financial digital platform will become “the most important project”, on the basis of which the partners “will develop high-tech services: payment, credit and other digital products”.


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