Mail.ru Group co-founder Yuri Milner intends to sell a portion of his shares in the LSE listed group for $60.7 million, Bloomberg reported yesterday.
While the shares are currently offered on the stock exchange at $34 to $35.25 apiece, the valuation of Milner’s share offer is based on the September 19 close of $35.72 per global depositary receipt, according a term sheet with Goldman Sachs obtained by Bloomberg.
The share offer will constitute just 0.8% of the Group, Russian business daily Vedomosti calculated. The total share currently owned by Milner remains unknown.
Mail.ru Group, a leading Russian Internet holding, owns controlling stakes in two of the three largest Russian-language social networks – MoiMir and Odnoklassniki.ru – in addition to its 40% stake in Vkontakte. The group also operates Mail.Ru, Russia’s leading Internet portal and e-mail service, as well as Mail.Ru Agent and ICQ, the two largest IM networks in Russia, acquired from AOL in 2010. The holding also owns a range of online games and e-commerce sites and has a 21.35% stake in payment terminal operator Qiwi.
In 2010, the group’s gross revenues amounted to $324 million.
Update Sept. 22, 2011
Milner raised $59.5 million in the share sale, Bloomberg reported. 1.7 million shares were sold for $35 each, according to an e-mailed statement from Goldman Sachs Group Inc. (GS), the sole manager of the sale, as much as 6.6 percent lower than the last trade.
