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MegaFon, Usmanov Buy 50% of Euroset Retailer for $1.07 Billion

OAO MegaFon and its main shareholder billionaire Alisher Usmanov bought 50 percent of Euroset Holding NV in a deal that gives Russia’s biggest handset retailer an enterprise value of $2.3 billion.

MegaFon, Russia’s second-largest mobile operator, and Usmanov paid a combined $1.07 billion to buy equal stakes from billionaire Alexander Mamut and may pay an $100 million more if Euroset meets “certain targets” in the first half of 2013, MegaFon said in a statement today. The operator is expected to buy Usmanov’s 25 percent of Euroset in a year, it said.