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Mail.Ru Group has received 100% “VKontakte» Mail.Ru Group Alisher Usmanov has become the sole owner of the most popular in the country the social network “VKontakte”, buying 48% in UCP fund for $ 1.47 billion. As a result of the transaction Internet company expects lower profitability and the need to manage already three social networks with crossover audience.
«got what he wanted»
more than a year of protracted conflict of shareholders “VKontakte» – Mail.Ru Group (owned 51.99% of the network) and the fund UCP (48,01%) – completed the sale of fund shares. As a result of the transaction the parties have withdrawn all lawsuits filed earlier.
Mail.Ru Group contested the purchase of the fund in April 2013, 48% of Vyacheslav and Lev Leviev Mirilashvili. In turn, UCP demanded from the founder of the network and its former CEO Paul Durov pass in “VKontakte” he created messenger Telegram. In response Durov UCP and accused his former partners “VKontakte” Ilya Perekop and Axel Neff fraud and extortion he Telegram. Now the trials stopped.
Mail.Ru Group will pay $ 1.47 billion (more than 56 billion rubles.) In cash, of which 22.2 billion rubles. – Mobilized by the four-Gazprombank loan. At June 30, the Internet company had 26.2 billion rubles. cash, stated in its reporting.
All “VKontakte”, so in the course of the transaction was valued at $ 3.061 billion. comparison, on Monday, the eve of the announcement of the transaction, capitalization of the entire Mail.Ru Group on London Stock Exchange was $ 6.273 billion. Yesterday, after the deal was announced, the group has risen by 3%, to $ 6.461 billion. In April this year, when Mail.Ru Group bought 12% “VKontakte” at the general director of “Megaphone” Ivan Tavrin network was estimated at $ 2.917 billion.
How much paid for 48% of UCP “VKontakte” last spring, never disclosed. Sources close to the “VKontakte”, assessed the entire network at $ 1.8-2.2 billion. That is approximately 17 months UCP could earn more than $ 400 million. A source close to the fund said that “VKontakte” for UCP became a “good investment”: “All parties got what they wanted».
Three in a boat
In announcing the deal, Mail.Ru Group has resulted in financial indicators “VKontakte”: in 2013 the social network’s revenue reached 3.8 billion rubles., EBITDA – 1 billion rubles., net profit – 53 million rubles., in January-June this year, the figures were, respectively, 2 billion, 694 million and 248 million rubles.
Last spring, in its financial statements the group pointed out that last year’s operating loss “VKontakte” amounted to 137 million rubles. This was evidence of the IFRS financial statements, and in the press release presents data from the management accounts, said the spokesman for the Mail.Ru Group Ksenia Chabanenko.
But even if you focus on management reporting, “VKontakte” profitability business inferior to other social networks already owned Mail.Ru Group: «Classmates” and “my world.” Last year, the yield of “VKontakte” equaled only 26%, whereas the other two networks – 73% (reported Mail.Ru Group provides only a general indicator for those networks). In the first half of this year, the ratio was 35 and 71%.
After the consolidation of “VKontakte” margin all Mail.Ru Group should decrease indicates analyst Sberbank CIB Anna Lepetukhina. But “VKontakte” – a high potential for monetization, Mail.ru well able to monetize services, adds analyst Sergei Raiffeisenbank Libin. He calls last year’s figure of revenue growth “VKontakte” (14%) not serious for a company, but suggests that a part of the social network Mail.Ru Group will grow faster.
In Mail.Ru Group a possible change in the profitability of the whole business not comment. Reporting in August for the first half, the group predicted EBITDA margin of 53% for the full year.
No association between now controlled by a group of three social networks will not. In Mail.Ru Group recognize that their classroom crossing “quite significant,” however, assures Chabanenko, all social networks “are very different in the nature of their use.” As the data for TNS Russia last August, the largest share of exclusive users, ie those who only comes into this network, we now have “VKontakte” – 28% with a monthly audience of nearly 52 million people 12-64 years old. The “Odnoklassniki”, the figure is 10% with a monthly audience of 39.4 million people, the “My World” – only 5% with a monthly audience of 22.7 million people.
Mail.Ru Group has no plans to merge back offices and consolidate social networks advertising sales. “The team is worth important question – allow the product to continue to develop effectively without additional unnecessary shocks and abrupt changes,” – says Chabanenko. CEO of the agency Artics Internet Solutions Yuri Wiseman believes that the unification of advertising sales greatly simplify the work for advertisers and agencies. “On the other hand, the currently existing competition between the platforms to allow for higher bargaining power of customers” – recognizes Wiseman.
Trusted Durov
cancel all lawsuits, Mail.Ru Group is not going to get right to Telegram: it remains a personal project Durov. Peaceful resolution of the conflict in this does not mean that Durov may return to “VKontakte”. Group, according to Chabanenko, has no plans to attract former CEO to cooperate in any capacity.
After leaving Durov chain CEO duties performed his first deputy Boris Dobrodeev and CEO Dmitry Sergeyev. Mail.Ru Group promises “soon” announce the name of the new CEO. According to Interfax and “Vedomosti”, they can become the current development director “VKontakte” Andrew Rogozov. He joined the company in 2007 and participated in the creation of the first social networking services, as well as messenger Telegram.
According to the source, RBC close to “VKontakte” Durov is seen as his successor Andrew Rogozov. “Rogozov and agreed with this calculation did not go with Paul and the guys from” VKontakte “- he explained.
Sam Rogozov questions RBC did not answer. Declined to comment, and spokesman for the “VKontakte” George Lobushkin.
Daria Lugansk Julia Yarosh, Gregory Naberezhnye
September 16, 2014
RBC
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