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Mail.ru Group paid $345 million for 12% of VKontakte

0 22 August 2014

In its accounts for the first half of 2014, Mail.ru Group has disclosed the sum it paid in April of this year to Ivan Tavrin for 12% of social network VKontakte. The stake cost the group around $345 million (12.43 billion roubles). The company as a whole is valued at almost $2.9 billion.

Tavrin had previously purchased the 12% stake from VKontakte founder Pavel Durov for an undisclosed price. The deal increased Mail.ru Group’s stake in VKontakte to 51.99%, although according to the company’s accounts the deal did not give it control of VKontakte. Mail.ru Group has owned shares in VKontakte since 2007.

In 2011 Durov fell out with Mail.ru’s General Manager Dmitry Grishin, when the latter announced that the group intended to take over VKontakte. Durov also later fell out with his partners Levieev and Mirilashvili, leading to the sale of their stake in the company to Alexander Shmelev's fund UCP, who consequently own the other 48% of the social network. 

Source: Vedomosti.ru

Top image via Shutterstock

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