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Files under: News
Posted by: Yakov @ 12:22 [29. 12. 08]
 The hedge fund, Tiger Global Management has sold 27 percent of the leading Russian online portal, Mail.ru to the company’s shareholders, Digital Sky Technologies and Naspers, reported business newspaper Vedomosti. The stake could have been sold for a total of approximately $400 million.
As a result, leading Russian internet investor, Digital Sky Technologies and South-African media group, Naspers now own 53.2 percent and 42.8 percent of Mail.ru, respectively. Dmitri Grishin, CEO of Mail.ru owns 3.5 percent stake in the company.
Mail.ru generated revenues of $56 million with EBITDA margin of 64% in 2007. Mail.ru is the 3rd largest Russian Internet company by revenues, after Yandex and Rambler Media. The company decided to postpone its IPO in London until 2009 last summer.
Naspers first acquired 30 percent of Mail.ru for $165 million in January 2007 and bough out additional 2.6 percent for $26 million in September 2007.
Tags: Digital Sky Technologies, Dmitri Grishin, Mail.ru CEO, Naspers, Naspers Mail.ru, Tiger Global Management, Tiger Mail.ru
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1 Mail.ru sells another 27% stakes | Startup Meme – Technology Startup and Latest Tech News Yakov @ 12:22 [29. 12. 08]
[...] Russia’s third largest website had 27% of its shares sold to the shareholders by Tiger Global Management. The sum for which the stakes have been sold may [...]