Megaphone buys a share of Mamut in "Euroset"

The largest mobile retailer of Russia "Euroset" will be divided by two "Big Three" - "Vimpelcom" and "MegaFon". The share of Alexander Mamut in Euroset is redeemed by Alisher Usmanov’s structures, Kommersant reports.

The soda will be approved on the Council of Directors of Megafon on the next Friday. It is assumed that Alexander Mamut will completely sell his package in the Euroset with a size of 50.1%. The buyers will perform the Megafon itself, which will buy part of the package of Alexander Mamut, and the buyer of the rest of the papers can be USM Advisors (included in the USM holding, combining the assets of Alisher Usmanov and his partners). Another 0.1% of the Euroset can buy Vimpelcom, which thus increase its package from 49.9% to 50%. “There is an agreement that there will be parity between the shareholders - 50 to 50,” explained a source close to retailer.

The assessment of the Euroset in this transaction may be about $ 2.5 billion, but this amount has not been finally approved. The manager familiar with the details of the transaction says that the “fair price” of the entire Euroset is $ 2.5-2.7 billion, taking into account the debt (the total debt of retailer is 10 billion rubles, including net debt-5.5 billion rubles).

In the case of buying the Euroset, Megafon, which now has 1.75 thousand own salons and another 2 thousand partnerships of monobrand, will significantly strengthen its position in retail.