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Billionaire Usmanov Spurns IPO Cash for Grip on Technology

Alisher Usmanov didn’t receive a cent from the $1.7 billion London share sale of his mobile operator OAO MegaFon, nor did he pocket a dime from the $1 billion initial public offering of his Internet company Group Ltd. two years ago.

The commodity billionaire has a different reason for IPOs. He’s used the deals to let partners cash out and increase his control over technology companies, and emerged as Russia’s wealthiest person this year.