Mail.ru Group pays $1.47bn to take full control of ‘Russia’s Facebook’ Vkontakte

Mail.ru Group pays $1.47bn to take full control of ‘Russia’s Facebook’ Vkontakte

Russian Internet company Mail.ru has agreed to pay $1.47 billion to purchase just over 48 percent of Vkontakte, making it the sole owner of the Russian social network.

The deal, announced today, takes Mail.ru’s total investment in Vkontakte to $2.07 billion. As part of the agreement, ongoing litigation and shareholder disputes have also been settled, Mail.ru said.

UCP, Mail.Ru and Pavel Durov have also agreed that simultaneous with this acquisition all the outstanding litigation, and claims concerning VK and related matters between these parties will be dropped with immediate effect.

➤ MAIL.RU GROUP LIMITED Acquisition of 48% of Vkontakte [Mail.ru]

Image credit: Gil C / Shutterstock.com

Read next: Ahead of IPO, Rocket Internet CEO tells staff to conquer 'all four corners' of the world