Russia's Mail.Ru gets controlling stake in VKontakte

Reuters News
Posted: Mar 18, 2014 4:25 AM

MOSCOW (Reuters) - Russian Internet group Mail.Ru said on Tuesday it bought a 12 percent stake in the country's biggest social networking site VKontakte (VK), raising its holding to around 52 percent.

Mail.Ru, which is part-owned by Russia's richest man Alisher Usmanov, said it agreed to acquire Bullion Development Limited, the beneficial owner of 11.99 percent of VK, from Ivan Tavrin, the CEO of Russian mobile phone operator Megafon.

(Reporting by Maria Kiselyova, editing by Elizabeth Piper)