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.
Update: Naspers reported that it paid $101 million for a 10% stake in Mail.ru. That would imply a total price paid for Tiger’s stake of less than $300 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.