Usmanov has become richer by another "Yota"

The telecommunications giant "MegaFon" buys "Skartel" operator (Yota brand) for $ 1.18 billion.
09.08.2013
Wek
Origin source
The representative of the "big three" of the Russian mobile operators will strengthen the company's position on the 4G market  due to this acquisition. This is a logical transaction, according to experts, as Alisher Usmanov thus expands his influence on the telecommunications market.

The Board of Directors of one of the leading companies of cellular communication, "Megafon", has given recommendations to its shareholders at an extraordinary meeting on September 12 to approve the acquisition of 100% of "Skartel" (its Yota brand is the LTE network for 27% of the Russianc citizens and 4G services for 648 thousand of clients). The transaction will be deemed approved if the majority of shareholders "MegaFon" will vote for it, however, Garsdale, which controls the operator, and its affiliates cannot participate in the vote. The decision will be taken by the disinterested shareholders of "MegaFon" only. The Finnish-Swedish company TeliaSonera, which is the largest minority shareholder of the company (25.17% of shares), has already announced that it would support the deal.

As reported recently, the seller of the assets in favor Garsdale. According to general director of USM Advisors, an asset manager Alisher Usmanov, Ivan Streshinsky, the amount of the transaction is $ 1.18 billion, excluding the net debt of "Skartel" in the amount of $ 600 million. (plus 20 mln. per month). Purchases will be step by step:. $ 590 million (50% of the amount), plus 6% per annum will pay in a year from the closing date of the transaction. The remaining amount - after two years from the closing date. Earlier Streshinskiy said that "Skartel" will be sold "MegaFon" on the purchase price, this amount is roughly estimated at $ 1 billion.

Recall "Skartel" and "MegaFon" are included in Garsdale holding company in July 2012 after the merger of Alisher Usmanov's assets (it has invested in the combined company a 50% stake "Megaphone") and the founders of the "Skartel" Albert Avdolyan and Sergey Adoneva (invested 100% "Skartel). The remaining 4.5% went to "Russian Technologies" (now "Rostec").

"Acquisition" Skartel "and combining capabilities companies will be a new stage in the construction of the fourth-generation networks", - said in a press release of the General Director of "MegaFon" Ivan Tavrina. As stated in the recently concluded agreement, "MegaFon" has to pay "Scartel" 55 billion. Rubles for five years for the use of infrastructure companies. This cooperation has allowed "MegaFon" to get ahead of other operators "big three" in the LTE launch dates. At frequencies "Skartel" "MegaFon" has already built a network in 29 regions of Russia.

"Purchase" Skartel "In our view, in the medium term, may well lead to significant positive results, - said the" age "of the analyst UK" Finam Management "Maxim Klyagin. - Such an M & A transaction will allow, first of all, to strengthen the position of "MegaFon" on the fast-growing and most promising due to the technological superiority of the fourth generation communication services market. As well as a whole to secure the lead margin data sectors projecting now a key driver of the development of the communication industry. At the same time, despite the relatively small scale "Skartel" business, it is probable some positive synergistic effect on the technical platform of integration and unification of the subscriber base. "

As noted by Ivan Streshinsky today "Skartel" significantly ahead of other mobile operators in those promotionnology LTE, but further development of the company requires new investment and expertise. By the way, before the action of "MegaFon" on the Moscow Stock Exchange rose by almost 4% against decrease in the entire Russian stock market.

Deputy director of the Center for Political Information Alexei Panin said "age": Alisher Usmanov for this deal is that it remains as the main investor in the Russian high-tech business. "His business, in general, has long built on investments in high-tech business: he has a big stake in the "Odnoklassiki"," VKontakte ", Mail Address, and so on. That is to say that, due to which he became the richest man in Russia, according to Forbes. As for the market, I do not think there will be some critical changes, because "Skartel" recently guided primarily Usmanov, they launched 4G fastest. So - this is a logical transaction, I do not think that someone in the market was very surprised to hear about it. "

Last year, after the merger of assets of Usmanov and "Skartel" The FAS has put a condition: the company must ensure non-discriminatoryny access to their infrastructure, other market players. Then "Skartel 'proposed offer to all mobile operators to use their network, but except for" MegaFon "with this one company did not cooperate. In August 2012, "Skartel" published the conditions under which it will provide access to the LTE network mobile operators: you have to pay $ 150 million up to 2014, if the operator intends to use the LTE network by Yota wherever it will be launched, the second option. - $ 50 million for the use of infrastructure in the Central federal District, and the third -.. $ 20 million for each county, except the Central, reminiscent of the "Times". Previously concluded an agreement with "Rostelecom" and not yet in force - but complaints "Skartel" to the court and the FAS did not lead to success.

As previously reported, "Age", the owners of "Skartel" Albert Avdolyan Adoniev and Sergey seem to put a lot of effort to change management "Rostelecom". In 2012, it was expected that soon will take the triple alliance with Usmanov's structures "Skartel" and "Rostelecom" (then in partnership with Marshall Capital Malofeeva Constantine), but the association was not the last player.

At the time of the merger of assets Yota was unprofitable, but Sergei Adonevu reportedly failed to ensure that the company has taken into account the price significantly higher than its real value (it was assumed that due to the participation of "Rostelecom" Usmanov quickly return your investment). But it so happened that Sergei Adoneva were no arguments, allowing explain the inflated value of the brand. As a result, the media wrote, probably with the help of his old friend, recently was in the position of Deputy Minister of Communications and Mass Communications Denis Sverdlov nevertheless achieved a change in leadership of "Rostelecom". The company was headed by Sergey Kalugin, who comes from the "National cable networks" Yuri Kovalchuk and Suleiman Kerimov.

Industry analysts found it difficult then to somehow comment Kalugin appointment to this position - not only that, he was little known market, his arrival is hardly something changed in the company and its dependence on the traditional services without investing in new businesses.

Sergei Kalugin - ones founders created in 2001 OJSC "NCC", which served as the CEO in 2001-2007. In 2005, the company acquired a group "Nafta" Suleiman Kerimov, combining it with his "daughter" "Mostelecom" in holding "National Telecommunications" (NTC). In 2008, STC was sold to a group of investors led by the "National Media" Yuri Kovalchuk. In 2011-2012, 100% STC bought "Rostelecom", and in April 2012, Kalugin left the company. Now his nomination is approved by the Kremlin as "independent", but whether this is so remains to be seen, analysts say.